Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic decline and is now focused on securing investment for a new venture studio aimed at developing and funding startups. Watt, who launched MoviePass in 2011 with the innovative concept of offering subscribers unlimited access to theaters for a monthly fee, revealed to Business Insider that he is now working with Share Ventures.
The new venture has raised nearly $20 million in funding with support from notable backers such as Alphabet and Amazon. Share Ventures plans to concentrate on startups that target the future of work and health longevity.
Watt believes that the current landscape of venture capital is conducive to a unique business model, partly due to the rise of AI and high interest rates. As a result, Share Ventures is developing its own software and advanced language models to enhance internal operations, which allows them to identify opportunities quicker and with less financial investment.
He emphasized that many venture firms are keen on new technologies but fail to integrate and utilize them in their practices. Watt stated, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity is rooted in personal experience, as he lost his mother at the age of 25, which deeply impacted his perspective on life and mortality. Watt reflected on how this loss has influenced his entrepreneurial journey and his desire to innovate despite past failures, like those he experienced with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash.”