Hamet Watt, the co-founder of MoviePass, is moving on from the company’s notable downfall and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who started MoviePass in 2011 with the concept of offering moviegoers a subscription service for unlimited access to theaters, is actively working on a new project called Share Ventures. In an interview with Business Insider, he revealed that the new company has successfully secured nearly $20 million in funding from investors including Alphabet and Amazon. The focus of Share Ventures will be on startups in the areas of future work and longevity.
Watt believes that the current landscape of venture capital, influenced by the booming AI industry and rising interest rates, is favorable for a unique investment model. Share Ventures plans to create proprietary software alongside language models to streamline its internal operations. He noted that this approach allows them to require smaller funding while being able to identify promising opportunities earlier in the process.
Watt emphasized that while many venture firms are exploring new technologies, they often do not fully integrate or utilize these innovations within their own practices. His firm aims to leverage novel data and automation, setting it apart in the investment sector.
Personal loss has also shaped Watt’s perspective; he became passionate about health and longevity after the passing of his mother at a young age. This experience, he shared, has made him acutely aware of mortality and driven him to innovate despite the challenges faced with MoviePass.
Reflecting on his journey, Watt considered the lessons learned from the MoviePass experience and expressed a renewed determination to explore new ventures, whether they lead to success or failure.