Hamet Watt, co-founder of MoviePass, is embarking on a new journey after the company’s downfall. He is raising funds for Share Ventures, a new venture studio aimed at developing and investing in startups.
Watt shared with Business Insider that Share Ventures has already secured nearly $20 million in funding, backed by notable investors including Alphabet and Amazon. The new venture is primarily focusing on startups within the sectors of future work and longevity.
He believes the current landscape, influenced by the AI boom and elevated interest rates, is ideal for a “differentiated model,” prompting Share Ventures to create its own software and advanced language models to streamline its internal operations. Watt explained, “You don’t need as large of funds, and you can identify opportunities much earlier with significantly less capital. For us, that’s advantageous as we build companies from the ground up using the latest tools proactively.”
Watt expressed that while many venture firms are investing in emerging technologies, they often do not fully integrate and utilize them in their processes. He emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was sparked by the loss of his mother at a young age. Watt revealed, “When you lose your mom at a young age, it forces you to think about your own mortality in a way that I don’t know I was conscious of at the time.”
Despite the challenges faced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to continue innovating. He reflected, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”