The co-founder of MoviePass is shifting focus after the company’s downfall and is now working on a new venture studio aimed at developing and financing startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has recently been engaged with Share Ventures. According to Business Insider, his new company has successfully raised nearly $20 million, backed by investors including Alphabet and Amazon. Watt indicated that the venture will concentrate on startups within the future of work and longevity sectors.
Watt believes that the current landscape for venture capital, influenced by the AI surge and high interest rates, presents an opportune moment for a “differentiated model.” Consequently, Share Ventures plans to create its own software and complex language models to streamline internal operations. He explained that smaller funding amounts can still yield significant insights into potential opportunities.
He emphasized, “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 benefits them as they attempt to build companies from the ground up using advanced tools.
Watt also mentioned that many venture firms are investing in new technologies without truly integrating them into their operations. He believes that incorporating innovative data and automation in their processes sets Share Ventures apart.
His interest in health and longevity was sparked by personal tragedy; he lost his mother at the age of 25, an experience that profoundly impacted his perspective on mortality.
Reflecting on his past with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt noted the lessons learned from failure and the motivation to continue innovating. He stated that he aims to pursue new ventures with the understanding that success and failure are both part of the journey.