The co-founder of MoviePass is embarking on a new journey after the company’s dramatic downfall. Hamet Watt is currently raising funds for a new venture studio aimed at supporting the development and financing of startups.
Watt, who launched MoviePass in 2011, a service allowing movie enthusiasts to pay a monthly fee for unlimited access to cinemas, has revealed to Business Insider that he has been actively working on Share Ventures. This new endeavor has already secured nearly $20 million in funding, with significant investments from companies like Alphabet and Amazon. The focus of Share Ventures is on startups that operate in the fields of future work and longevity.
He believes that the current AI surge, coupled with high interest rates, has created a favorable environment for venture capitalists to explore a “differentiated model.” Share Ventures is innovating by developing proprietary software alongside advanced language models to streamline its internal operations.
Watt explained that with less capital, investors can gain insights into opportunities much earlier, which benefits their strategy of building companies from the ground up while utilizing cutting-edge tools.
He noted that many venture firms are investing in new technologies but are not fully integrating or utilizing them in their processes. Watt emphasized that leveraging innovative data and automation is what sets Share Ventures apart.
His personal interest in health and longevity was sparked by the loss of his mother at a young age. Losing her when he was just 25 years old prompted him to contemplate his own mortality more deeply.
Reflecting on his previous experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt mentioned that the challenges he faced only fueled his determination to continue innovating. He expressed a desire to learn from his past experiences and apply those lessons to new ventures, willing to embrace the possibility of both failure and success.