Hamet Watt, co-founder of MoviePass, is moving forward from the company’s dramatic decline and is raising capital for a new venture studio aimed at developing and funding startups.
Watt, who founded MoviePass in 2011 with the concept of offering moviegoers a monthly subscription for unlimited cinema access, shared with Business Insider that he has been focused on a new initiative called Share Ventures.
The new venture has already raised nearly $20 million in funding from investors, including tech giants Alphabet and Amazon. Watt emphasized that Share Ventures is targeting startups in the fields of future work and longevity.
He believes that the current landscape, characterized by an artificial intelligence boom and high interest rates, has created an opportunity for a unique model in venture capital. To this end, Share Ventures is developing its own software and advanced language models to streamline its internal tasks.
Watt stated, “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 using all of the most advanced tools to do that proactively.”
He noted that many venture firms are investing in new technologies but are not fully integrating or utilizing them in their processes. Watt highlighted his company’s approach of employing innovative data and automation as a distinguishing factor.
His personal interest in health and longevity was shaped by the loss of his mother at the age of 25 when she was only 49 years old. This loss prompted him to reflect on his own mortality and the importance of longevity.
Watt’s prior experience with MoviePass, which he discussed in the recent documentary “MoviePass, MovieCrash,” has inspired him to continue pursuing innovation despite previous setbacks. He expressed a willingness to explore new ideas, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”