The co-founder of MoviePass is moving forward from the company’s dramatic downfall and is now raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers a monthly subscription for unlimited theater access, has been working diligently at his new company, Share Ventures.
The new venture has successfully secured nearly $20 million in funding from investors including Alphabet and Amazon. Watt indicated that Share Ventures is targeting startups in the realms of work innovation and longevity.
He believes that the current shift in venture capital, influenced by the AI surge and elevated interest rates, is creating an opportunity for a unique business model. Share Ventures is also developing its software alongside advanced language models to streamline its internal operations.
Watt expressed, “You don’t need as large of funds, and you can identify opportunities much earlier with less capital. For us, that’s advantageous because we’re building companies from the ground up with the best tools available.”
He noted that while many venture firms are investing in new technologies, few are effectively utilizing them in their operations. “Employing innovative data and automation in our process is something we consider to be uniquely our strength,” he commented.
Watt’s interest in health and longevity was sparked by personal tragedy, as he lost his mother at 25. She was only 49 at the time of her death.
Losing his mother at a young age forced him to confront his own mortality, a realization he reflected on deeply.
Despite the setbacks with MoviePass, which he has recently recounted in the documentary “MoviePass, MovieCrash,” Watt remains determined to pursue innovation. He stated, “What have I learned, and what do I have the courage to try now — and perhaps fail, but maybe succeed?”