Hamet Watt, co-founder of MoviePass, is moving forward from the company’s dramatic collapse and is in the process of raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 to offer movie enthusiasts unlimited theater access for a monthly subscription, has been focusing on a new initiative called Share Ventures. In an interview with Business Insider, he revealed that the venture has already attracted nearly $20 million in funding, with notable investors including Alphabet and Amazon. The primary focus of Share Ventures will be on startups related to the future of work and longevity.
Watt believes that recent trends such as the surge in artificial intelligence and rising interest rates have created a favorable environment for a “differentiated model” in venture capital. As a result, Share Ventures is developing its own software and sophisticated language models to automate internal processes.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. “For us, that’s a great thing because we’re building companies from scratch using the most advanced tools proactively.”
He pointed out that while many venture firms are investing in emerging technologies, they aren’t necessarily leveraging these innovations within their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
Watt’s interest in health and longevity stems from a personal loss; he lost his mother at the age of 25 when she was just 49. This experience prompted him to reflect on his own mortality in ways he had not previously considered.
Watt further explained that his past experiences with MoviePass, which he discussed in a documentary titled “MoviePass, MovieCrash,” serve as motivation for him to continue innovating. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”