The co-founder of MoviePass, Hamet Watt, is turning the page from the company’s dramatic downfall and is now focused on his new venture, Share Ventures, which is dedicated to supporting and funding startups.
In an interview with Business Insider, Watt, who co-founded MoviePass in 2011 by offering moviegoers a subscription model for unlimited theater access, revealed that Share Ventures has already secured nearly $20 million in funding, with notable backers including Alphabet and Amazon. The firm aims to concentrate on innovative startups in the future of work as well as longevity sectors.
Watt highlighted that the current landscape, shaped by the AI surge and rising interest rates, opens up opportunities for a distinctive venture capital model. Share Ventures plans to develop its own software alongside sophisticated language models to streamline its operations. He explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.”
Watt believes many venture firms are investing in cutting-edge technologies but often do not fully integrate these innovations into their operations. He noted, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity stems from a personal tragedy—losing his mother at the age of 25, who passed away at 49. This experience prompted Watt to reflect on mortality and pursue advancements in healthcare.
Watt, who also appeared in the documentary “MoviePass, MovieCrash,” asserts that his past experiences with MoviePass serve as motivation to continue innovating, regardless of potential failures. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”