The co-founder of MoviePass is rebounding 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 unlimited theater access for a monthly fee, revealed to Business Insider that he is now focused on Share Ventures. The new company has already secured nearly $20 million in funding from prominent backers, including Alphabet and Amazon. Watt mentioned that the venture studio is concentrating on startups in the future of work and longevity sectors.
Watt believes the current AI boom and high interest rates have made the venture capital environment suitable for a “differentiated model.” To this end, Share Ventures is developing its own software and sophisticated language models to streamline its internal operations, Business Insider reported.
“You don’t need as large of funds, and you can spot an opportunity much earlier with significantly less capital,” Watt told the outlet. “For us, that’s a great advantage because we’re creating companies from scratch and utilizing all the most advanced tools proactively.”
Watt highlighted that while many venture firms invest in new technologies, they often do not embody and utilize them effectively. “Integrating novel data and automation into our process is something uniquely special to us,” he added.
Watt’s interest in health and longevity was sparked by the loss of his mother when he was 25 years old; she died at just 49. “Losing your mom at a young age forces you to confront your own mortality in a profound way,” he said.
Despite the downfall of MoviePass, which Watt discussed in the recent documentary “MoviePass, MovieCrash,” he remains driven to innovate. “What have I learned, and what am I brave enough to try now—perhaps to fail, but also potentially to succeed?” he reflected.