Hamet Watt, co-founder of MoviePass, is shifting focus after the company’s decline and is now seeking to raise capital for a new venture studio aimed at developing and funding startups. Watt, who launched MoviePass in 2011, shared with Business Insider that he is actively working on Share Ventures, which has already secured nearly $20 million in funding from investors, including Alphabet and Amazon.
The new venture will concentrate on startups in the fields of the future of work and longevity. Watt believes that the current landscape, characterized by the AI surge and high-interest rates, presents an opportunity for a novel investment model. He noted that Share Ventures plans to develop its own software and utilize advanced language models to enhance internal processes, allowing for quicker evaluation of opportunities with lower capital requirements.
Watt highlighted that many venture firms are investing in cutting-edge technologies but are not effectively integrating them into their operations. He emphasized that leveraging innovative data and automation sets his venture apart from others.
His motivation for exploring health and longevity stems from a personal loss; Watt lost his mother at a young age, which deeply influenced his perspective on life and mortality. Although MoviePass faced challenges—a topic he reflects on in the documentary “MoviePass, MovieCrash”—Watt remains determined to innovate and explore new avenues, ready to face potential failures while pursuing success.