Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s significant downfall and is now working to raise funds for a new venture studio aimed at developing and financing startups.
Watt, who co-founded MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has been focusing his efforts on Share Ventures. He recently shared with Business Insider that the new firm has already secured nearly $20 million in funding from notable backers including Alphabet and Amazon. Share Ventures aims to target startups in the realms of future work and longevity.
Watt asserts that the current environment of the AI boom and high interest rates has created an opportunity for a unique venture capital model. Share Ventures is not only providing funding but is also developing its own software and complex language models to streamline internal operations. He highlighted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows them to build companies from the ground up utilizing advanced tools efficiently.
Watt observed that while many venture firms are investing in new technologies, they often do not integrate and utilize these innovations within their operations. He believes that employing novel data and automation in their processes is a distinctive advantage of Share Ventures.
His passion for health and longevity was spurred by a personal loss; he lost his mother at the age of 25. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the challenges faced with MoviePass, which he elaborated on in the HBO documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He poses the question, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”