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 established MoviePass in 2011 with the concept of offering unlimited theater access for a monthly fee, is now focused on his new venture, Share Ventures. He revealed to Business Insider that Share Ventures has already garnered nearly $20 million in funding from notable investors, including Alphabet and Amazon, targeting areas related to the future of work and longevity.
Watt believes that the current landscape of venture capital, influenced by advancements in AI and high interest rates, is primed for a “differentiated model.” To address this, Share Ventures is not only investing in startups but is also developing proprietary software and complex language models to streamline internal operations.
He remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows Share Ventures to build companies from the ground up while leveraging the latest tools available.
Watt pointed out that many venture firms may invest in new technologies, but they often do not fully integrate or utilize them in their processes. He emphasized that using novel data and automation is a distinctive feature of Share Ventures.
Watt’s personal motivations include a focus on health and longevity, rooted in his experience of losing his mother at the age of 25 when she was just 49. This loss has shaped his perspective on mortality and the importance of health innovation.
Reflecting on his past with MoviePass, which he detailed in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate despite previous setbacks. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”