Hamet Watt, co-founder of MoviePass, is embarking on a new venture following the company’s notable downfall. He is raising funds for Share Ventures, a new venture studio aimed at supporting startup development and funding.
Watt, who initially launched MoviePass in 2011 to offer moviegoers unlimited access to theaters for a monthly fee, revealed to Business Insider that his new company has already secured nearly $20 million in funding, with backing from notable investors including Alphabet and Amazon. Share Ventures will concentrate on startups dedicated to the future of work and longevity.
Watt believes that the recent surge in artificial intelligence and high-interest rates have created an opportunity for a “differentiated model” in venture capital. To capitalize on this, Share Ventures is developing its own software and intricate language models to streamline its internal operations. He mentioned that this approach reduces the need for large funds and allows for earlier identification of opportunities with less capital.
He noted that many venture firms are investing in new technologies without fully integrating or utilizing them. According to Watt, the unique aspect of Share Ventures lies in its use of innovative data and automation throughout its processes.
Watt’s interest in health and longevity stems from a personal tragedy; he lost his mother when he was just 25 years old. This experience prompted him to reflect on mortality.
Watt’s experience with the failure of MoviePass, which he recently shared in the documentary “MoviePass, MovieCrash,” serves as motivation for his continued innovation. He emphasized the importance of learning from past experiences and taking risks, expressing a willingness to try new ventures despite the possibility of failure.