The co-founder of MoviePass is moving past the company’s dramatic downfall and is now raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of a monthly fee for unlimited theater access, revealed to Business Insider that he has been diligently working on Share Ventures. This new company has amassed nearly $20 million in funding, with support from notable backers like Alphabet and Amazon. Share Ventures is primarily focusing on startups within the future of work and longevity sectors.
Watt believes that the surge in artificial intelligence and high interest rates have created a fertile environment for a “differentiated model,” which is why Share Ventures is developing its own software and utilizing advanced language models to automate its internal processes, according to Business Insider.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he explained to the outlet. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt observed that “many venture firms are investing in these new technologies, but they’re not really embodying and using them.” He added, “Using novel data and automation in our process is something we think is uniquely special to us.”
Watt’s interest in health and longevity was sparked by the loss of his mother when he was just 25 years old; she was only 49 when she passed away. This personal tragedy led him to reflect on his own mortality in ways he wasn’t previously aware of.
His failure with MoviePass, a subject he recently explored in the documentary “MoviePass, MovieCrash,” has only driven him to continue innovating. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” Watt pondered.