The co-founder of MoviePass, Hamet Watt, is moving on from the company’s notable downfall and is now focusing on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the aim of allowing movie enthusiasts to pay a monthly fee for unlimited theater access, has been diligent in establishing Share Ventures. He reported to Business Insider that the new firm has raised nearly $20 million with investments from major companies like Alphabet and Amazon. The focus of Share Ventures is on startups in the areas of future work and longevity.
According to Watt, the surge in artificial intelligence and high-interest rates have created a favorable environment for a new venture capital model, which is why Share Ventures is developing its own software along with sophisticated language models to streamline its internal processes. He emphasized that this approach allows for early insights into investment opportunities with significantly 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.
Watt pointed out that while many venture capital firms are investing in new technologies, not all are actively engaging with them. “Using novel data and automation in our process is something we think is uniquely special to us,” he said.
His personal history has also influenced his focus on health and longevity; he became interested in these areas after losing his mother at the age of 25, who passed away at just 49. This loss prompted him to reflect on mortality more deeply.
Watt discussed his experience with MoviePass in the recent documentary “MoviePass, MovieCrash,” sharing that instead of being discouraged by the company’s failure, he is motivated to continue pursuing innovation. “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.