Hamet Watt, co-founder of MoviePass, is moving on from the company’s notable 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 unlimited monthly access to theaters, has revealed that he has been busy with Share Ventures.
The newly established company has attracted nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt explained that Share Ventures is targeting startups related to the future of work and longevity.
He believes the current landscape, influenced by the AI boom and rising interest rates, has created an opportunity for a “differentiated model” in venture capital. As a result, Share Ventures is developing its own software along with advanced language models to streamline its internal operations.
Watt mentioned, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and utilizing all of the most advanced tools to do that proactively.”
He noted that while many venture firms are investing in new technologies, they often do not utilize them effectively. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s interest in health and longevity was deeply personal, stemming from the loss of his mother at the age of 25 when she was just 49. “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,” he expressed.
Reflecting on his experience with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt stated that his setbacks only strengthened his resolve to continue innovating. He concluded, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”