The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s notorious downfall and is now raising funds for a new venture studio aimed at supporting the development and financing of startups. Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers to access theaters for a monthly subscription fee, stated that he has been focused on Share Ventures.
The new company has managed to secure nearly $20 million in funding, with key investors including Alphabet and Amazon. Watt highlighted that Share Ventures is concentrating on startups in the emerging fields of work technology and longevity.
He emphasized that the current landscape, shaped by the rise of artificial intelligence and elevated interest rates, presents an opportunity for a distinct venture capital model. Share Ventures plans to develop its own software accompanied by sophisticated language models to streamline its operations.
According to Watt, smaller funds can now effectively identify opportunities with much less capital. “This is advantageous for us as we are building companies from the ground up and utilizing the latest tools to do so proactively,” he noted.
Watt remarked that while many venture firms are investing in new technologies, they often fail to incorporate and utilize them in their processes. He believes that leveraging innovative data and automation gives Share Ventures a unique edge.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25 when she was just 49. This experience compelled him to contemplate his own mortality.
Reflecting on his experience with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt expressed that the challenges he faced only fueled his drive to innovate further. He stated, “What have I learned, and what do I have the guts to venture out and attempt — maybe to fail, but perhaps to succeed?”