Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable downfall and is now seeking funding for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the revolutionary concept of unlimited monthly cinema access for moviegoers, has been actively working on his new enterprise, Share Ventures. The company has successfully raised nearly $20 million, with investments from major backers including Alphabet and Amazon. Watt’s venture focuses on startups involved in the future of work and longevity.
He believes that the current environment, characterized by the AI boom and elevated interest rates, presents an opportunity for a “differentiated” model in venture capital. As such, Share Ventures is creating its own software and leveraging complex language models to streamline its internal operations. Watt explained that smaller funding amounts could allow for identifying promising opportunities earlier in the development process, which is beneficial for building new companies with advanced tools.
Watt noted that while many venture firms are investing in emerging technologies, they often do not fully embrace these innovations in their own operations. He prides Share Ventures on its unique approach, utilizing novel data and automation in its processes.
His personal motivation for focusing on health and longevity stems from the loss of his mother at a young age, which prompted him to reflect on mortality in ways he had not considered before. Watt recently shared his insights and experiences regarding the challenges faced by MoviePass in the documentary “MoviePass, MovieCrash.” He expressed a determination to continue innovating despite past failures, questioning what he has learned and how he might pursue new ventures successfully.