The co-founder of MoviePass is moving forward from the company’s notable downfall and is in the process of raising funds for a new venture studio aimed at developing and funding startups.
Hamet Watt, who co-founded MoviePass in 2011 with the vision of offering moviegoers unlimited access to theaters for a monthly fee, is now focused on his new project, Share Ventures. Watt shared that the new company has secured nearly $20 million in funding from investors, including firms like Alphabet and Amazon. The venture will concentrate on startups related to the future of work and longevity sectors.
Watt believes the current landscape of venture capital, influenced by the AI boom and rising interest rates, is favorable for a distinctive business model. Share Ventures is incorporating its own software and advanced language models to streamline internal operations.
He stated, “You don’t need as large of funds, and you can get a signal on an opportunity much earlier with much less capital.” This approach allows them to build companies from the ground up while leveraging cutting-edge tools.
Watt observed that while many venture firms are investing in innovative technologies, few actively integrate and utilize them in their operations. He emphasized the uniqueness of their approach, which involves utilizing novel data and automation.
His interest in health and longevity was sparked by a personal loss; he lost his mother at the age of 25 when she was only 49. This experience prompted him to reflect on mortality at a young age.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that his past failures have fueled his drive to innovate. He pondered, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”