Hamet Watt, the co-founder of MoviePass, is moving forward after the company’s downfall and is currently raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 to offer moviegoers a subscription model for unlimited movie access, is now focusing on Share Ventures. He revealed to Business Insider that the new firm has successfully raised nearly $20 million in funding, with contributions from major investors including Alphabet and Amazon. Share Ventures plans to concentrate on startups within the future of work and longevity sectors.
Watt believes the current venture capital landscape, influenced by advancements in artificial intelligence and elevated interest rates, provides an opportunity for a “differentiated model.” As part of this strategy, Share Ventures intends to create its own software and utilize sophisticated language models to streamline its internal processes, as reported by Business Insider.
He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” adding that this approach aligns with their goal of building companies from the ground up using the latest tools.
Watt highlighted that many venture firms are involved in new technologies but often do not apply them effectively in their operations. He expressed that leveraging novel data and automation distinguishes Share Ventures in the industry.
His interest in health and longevity was sparked by the loss of his mother when he was just 25, an experience that profoundly impacted his perspective on life and mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he noted.
Reflecting on his experience with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt stated that he is motivated to continue innovating despite past failures. He emphasized the importance of learning from experiences and having the courage to pursue new ventures, whether they lead to success or further challenges.