Hamet Watt, a co-founder of MoviePass, is embarking on a new venture following the company’s dramatic decline. He is focused on raising funds for Share Ventures, a studio aimed at developing and financing startups.
Watt launched MoviePass in 2011, promoting the revolutionary concept of unlimited movie access for a monthly fee. Now, he tells Business Insider that he is fully engaged with Share Ventures, which has already attracted nearly $20 million in funding from investors, including major players like Alphabet and Amazon. The new venture will target startups within the realms of work innovation and health longevity.
He believes the current landscape of venture capital, influenced by the AI surge and elevated interest rates, is ripe for a unique approach. As a result, Share Ventures plans to integrate its own software and advanced language models to enhance its operations, minimizing the need for extensive capital while allowing for earlier detection of promising opportunities.
Watt stated that many venture firms are investing in cutting-edge technologies without truly utilizing them. Share Ventures aims to differentiate itself by incorporating innovative data and automation into its investment processes.
Watt’s personal journey into health and longevity was sparked by the early loss of his mother at age 49, which profoundly influenced his perspective on life and mortality. He reflects on this experience and how it drives him to innovate. Despite the setbacks experienced with MoviePass, which he discusses in the documentary “MoviePass, MovieCrash,” he remains committed to exploring new ideas and is ready to take risks in his next venture.