The co-founder of MoviePass, Hamet Watt, is moving beyond the company’s significant downfall and is currently raising funds for a new venture studio aimed at developing and financing startups. Watt, who co-founded MoviePass in 2011 with the concept of allowing movie enthusiasts to pay a monthly subscription for unlimited access to theaters, is now hard at work with Share Ventures.
The new venture has already secured nearly $20 million in funding from prominent investors, including Alphabet and Amazon. Watt explained that Share Ventures is particularly focusing on startups in the future of work and longevity sectors. He believes the current landscape of the venture capital market, influenced by the AI surge and high interest rates, is conducive to introducing a “differentiated model.” To this end, Share Ventures is developing its own software in conjunction with sophisticated language models to streamline its internal processes.
Watt noted that, unlike traditional approaches, this strategy requires smaller funds and allows for detecting opportunities much earlier with less capital. “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,” he stated.
He further highlighted that many venture firms are investing in new technologies without fully integrating them into their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt added.
Watt’s interest in health and longevity was sparked by a personal tragedy; he lost his mother when he was just 25 years old, and she was only 49. This experience has profoundly shaped his perspective on life and mortality.
Reflecting on his failure with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt expressed his determination to innovate despite past setbacks. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he remarked.