Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters through a monthly subscription, has been busy with Share Ventures. He shared with Business Insider that this new endeavor has already secured nearly $20 million in funding from investors including Alphabet and Amazon. Share Ventures is concentrating on startups within the future of work and longevity sectors.
Watt believes that the current climate of high interest rates and the ongoing AI revolution present opportunities for a “differentiated model” in venture capital. He indicated that Share Ventures is developing its own software and utilizing complex language models to streamline its operations. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he explained. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
He remarked that, while many venture firms are investing in new technologies, they often are not integrating and applying these innovations in their processes. Watt emphasized that employing unique data and automation in their operations is a distinguishing feature of Share Ventures.
His interest in health and longevity was influenced by personal tragedy; he lost his mother when he was 25, an event that left a lasting impact on him. “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time,” Watt stated.
Despite the challenges faced with MoviePass, which he delves into in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He reflected on his journey, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”