The co-founder of MoviePass is moving on from the company’s dramatic downfall to launch a new venture studio aimed at developing and funding startups. Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of unlimited monthly access to theaters, has been working on Share Ventures.
Share Ventures has successfully raised nearly $20 million, attracting investments from notable backers like Alphabet and Amazon. The new firm is concentrating on startups focused on future work and longevity sectors.
Watt believes that the current landscape, characterized by an AI boom and high interest rates, has created an opportunity for a more differentiated investment model. He mentioned to Business Insider that Share Ventures is not only investing in startups but is also developing its own software and complex language models to streamline its internal processes.
According to Watt, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He emphasized that this approach is advantageous for building new companies using advanced tools.
Watt pointed out that while many venture firms are investing in emerging technologies, they often do not fully utilize them. He stressed the importance of incorporating novel data and automation into their investment strategies, which he believes sets Share Ventures apart.
His personal experiences have also influenced his interest in health and longevity, particularly after the loss of his mother at a young age. Watt believes these experiences have shaped his perspective on mortality and innovation.
Reflecting on his previous venture, Watt mentioned that the setbacks he faced with MoviePass motivate him to keep exploring 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?”