The co-founder of MoviePass is moving forward from the company’s notable downfall and is now working to raise funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has been actively engaged with Share Ventures. He shared in an interview that the new firm has attracted nearly $20 million in funding from investors, including industry giants like Alphabet and Amazon. Watt indicated that Share Ventures is targeting startups in the burgeoning fields of work innovation and longevity.
He believes that the current landscape of venture capital, influenced by the AI surge and rising interest rates, is conducive to a unique operational model. As a result, Share Ventures is developing its own software and intricate language models to enhance internal processes. Watt noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He emphasized that the approach allows them to build new companies from the ground up while leveraging advanced tools.
Watt pointed out that many venture firms are investing in new technologies, yet they often do not fully utilize these innovations themselves. He stated, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was personal, stemming from the loss of his mother at the young age of 25, when she was just 49 years old. He reflected on this experience, saying, “When you lose your mom at a young age, it forces you to think about your own mortality in a way that I don’t know that I was conscious of at the time.”
Despite the setback with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt expressed a determination to continue innovating. He posits that each failure presents an opportunity to learn and encourages him to take risks again. “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.