The co-founder of MoviePass is moving forward from the company’s dramatic downfall by raising funds for a new venture studio aimed at supporting startup development and financing.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative idea of offering moviegoers a subscription model for unlimited theater access, has been focusing his efforts on Share Ventures. According to Business Insider, the new company has successfully raised nearly $20 million in backing, with investments from major players such as Alphabet and Amazon. Share Ventures is particularly concentrated on startups related to the future of work and longevity.
Watt believes that the current environment of artificial intelligence growth and elevated interest rates has created an opportunity for a distinct venture capital model. Share Ventures plans to develop its own software alongside complex language models to streamline internal operations, as reported. He remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the benefits of building companies from the ground up using advanced tools.
Watt also acknowledged that while many venture firms are investing in new technologies, they often fail to adopt and utilize these innovations themselves. He stated, “Using novel data and automation in our process is something we think is uniquely special to us.”
His personal experiences have driven his interest in health and longevity, particularly following the loss of his mother at the age of 25, when she was only 49. Watt expressed that this loss prompted a deeper contemplation of his mortality.
Reflecting on his journey with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” he noted that rather than deterring him, the experience has fueled his motivation to continue innovating. He asked himself, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”