The co-founder of MoviePass is embarking on a new journey after the company’s notable decline, aiming to raise funds for a venture studio dedicated to supporting startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers unlimited theater access for a monthly fee, is now focusing his efforts on Share Ventures. In an interview with Business Insider, Watt revealed that his new venture has attracted nearly $20 million in funding, with major contributions from firms like Alphabet and Amazon. Share Ventures is set to concentrate on startups within the realms of future work and longevity.
Watt believes that the combination of an AI surge and high-interest rates has created an opportunity for a distinct venture capital approach. To this end, Share Ventures plans to develop its own software and complex language models to streamline its internal operations. He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the benefits of building companies from the ground up with advanced tools.
Watt pointed out that while many venture firms are investing in new technologies, they often fail to adopt and utilize them effectively. He stated, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was sparked by the early loss of his mother at the age of 25, who passed away at 49. This experience forced him to confront his own mortality.
Reflecting on the lessons learned from his MoviePass experience, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt expressed his determination to continue innovating. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”