The co-founder of MoviePass, Hamet Watt, is moving forward after the company’s notable collapse and is initiating a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 based on the idea that moviegoers could pay a monthly fee for unlimited theater access, has been focused on Share Ventures. He reported to Business Insider that his new company has secured nearly $20 million in funding from investors, including Alphabet and Amazon. Share Ventures aims to concentrate on startups in the fields of future work and longevity.
Watt believes the current environment, marked by the rise of AI and high interest rates, has created fertile ground for a differentiated venture capital model. As a result, Share Ventures is developing its own software and sophisticated language models to streamline its internal operations. He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.”
He emphasized that while many venture firms are investing in new technologies, they often do not actively use them within their processes. Watt remarked, “Using novel data and automation in our process is something we think is uniquely special to us.”
His personal experience of losing his mother at a young age sparked his interest in health and longevity. Watt reflected on how such a loss prompts deep contemplation about mortality and life choices.
Despite the downfall of MoviePass, which he discussed in a documentary titled “MoviePass, MovieCrash,” Watt remains determined to innovate. He poses critical questions to himself about lessons learned and the courage to attempt new ventures, regardless of the possibility of failure.