The co-founder of MoviePass is embarking on a new journey after the company’s demise, focusing on raising funds for a venture studio aimed at supporting and funding startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly subscription for unlimited access to theaters, has now turned his attention to Share Ventures. In an interview with Business Insider, Watt revealed that his new company has already secured nearly $20 million in funding, with backing from major players like Alphabet and Amazon. The venture is set to target startups in the fields of future work and longevity.
Watt believes that the combination of the AI boom and rising interest rates has created a prime environment for a distinctive venture capital model. Consequently, Share Ventures is developing proprietary software alongside advanced language models to streamline its operations. Watt noted, “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 harnessing cutting-edge tools.
Watt emphasized that while many venture firms are investing in new technologies, few are actively integrating and utilizing them in their processes. He considers the use of innovative data and automation as a key differentiator for Share Ventures.
Drawing from his personal experiences, Watt became interested in health and longevity after losing his mother at the age of 25; she passed away when she was just 49. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
His previous experience with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” has only fueled his determination to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” Watt stated, illustrating his resolve to continue pursuing new ventures.