The co-founder of MoviePass is moving forward from the company’s dramatic downfall and is raising funds for a new venture studio aimed at supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of offering moviegoers a subscription for unlimited theater access, shared with Business Insider that he has been diligently working on Share Ventures. This new enterprise has already amassed nearly $20 million in funding, with prominent investors such as Alphabet and Amazon on board. Watt emphasized that Share Ventures will target startups in the evolving areas of work and longevity.
He believes that the current landscape, influenced by the rise of AI and elevated interest rates, creates an opportune environment for a “differentiated model.” To this end, Share Ventures is developing its proprietary software alongside advanced language models to streamline its internal operations, according to Business Insider.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting that this approach allows his team to build companies from the ground up while leveraging cutting-edge tools.
He noted that while many venture firms are investing in emerging technologies, they often do not fully integrate these innovations into their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
Watt’s interest in health and longevity was sparked by the tragic loss of his mother at the age of 25, who passed away just shy of 50. Reflecting on this experience, he said, “When you lose your mom at a young age, it forces you to think about your own mortality.”
Despite the setbacks with MoviePass, which he elaborated on in the documentary “MoviePass, MovieCrash,” Watt is determined to continue pursuing innovation. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he expressed.