Hamet Watt, co-founder of MoviePass, is embarking on a new journey after the company’s notable downfall. He is raising funds for a new venture studio called Share Ventures, aimed at developing and financing startups.
Watt co-founded MoviePass in 2011 with the revolutionary concept of providing movie lovers unlimited access to theaters for a monthly fee. Now, he shares with Business Insider that Share Ventures has already attracted nearly $20 million in funding from notable backers such as Alphabet and Amazon. The focus of the new venture will be on startups within the future of work and longevity sectors.
He believes that the current landscape of venture capital, influenced by the rise of AI and elevated interest rates, is conducive to a “differentiated model.” Consequently, Share Ventures plans to develop its own software and complex language models to streamline its internal operations.
Watt emphasized that the need for significant funding is decreased, allowing early signals on opportunities to be identified with less capital investment. He stated, “This is advantageous for us as we are building companies from the ground up with the most advanced tools.”
He noted that while many venture firms are investing in new technologies, they often do not fully integrate or utilize them in their operations. “Our use of novel data and automation is something we consider uniquely special,” Watt remarked.
His interest in health and longevity was sparked by personal tragedy when he lost his mother at the age of 25. Her passing at just 49 years old made him reflect on mortality in a profound way.
Watt’s previous experiences with MoviePass, which he recounted in the documentary “MoviePass, MovieCrash,” have only intensified his drive to innovate. He expressed a willingness to explore new ventures, embracing the possibility of both failure and success.