The co-founder of MoviePass is moving on from the company’s dramatic collapse and is now raising funds for a new venture studio aimed at developing and funding startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers a monthly subscription for unlimited theater access, has revealed his new project, Share Ventures, to Business Insider. The new company has secured nearly $20 million in funding from major backers including Alphabet and Amazon. Share Ventures focuses on startups in the future of work and longevity sectors.
Watt believes that the current AI surge and high interest rates have made venture capital ripe for a differentiated model. To this end, Share Ventures is developing its own software, utilizing complex language models to automate internal processes, as reported by Business Insider.
“You don’t need as large of funds, and you can identify opportunities much earlier with much less capital,” Watt told the outlet. “For us, that’s advantageous because we’re building companies from scratch and using the most advanced tools proactively.”
Watt noted that while many venture firms invest in these new technologies, they do not fully integrate or utilize them. “Our approach of employing novel data and automation in our processes is something we believe sets us apart,” he added.
Driven by personal experience, Watt developed an interest in health and longevity after losing his mother at a young age. She was just 49 when she passed away. Facing such a loss forced him to contemplate his own mortality and rethink his path.
Reflecting on the failure of MoviePass, a topic he recently discussed in the documentary “MoviePass, MovieCrash,” Watt said it only motivated him to continue innovating. “What have I learned, and what do I have the courage to attempt again—possibly failing, but potentially succeeding?” he pondered.