The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic downfall and is now raising funds for a new venture studio aimed at developing and financing startups.
Watt, who co-founded MoviePass in 2011 with the concept allowing moviegoers to pay a monthly fee for unlimited theater access, shared his latest endeavors with Business Insider. He is currently working on Share Ventures, which has already secured nearly $20 million in funding from notable investors including Alphabet and Amazon. The studio aims to focus on startups within the realms of future work and longevity.
Watt believes that the current landscape, shaped by the rise of artificial intelligence and high interest rates, is conducive to a unique venture capital model. Share Ventures is developing its own software alongside complex language models to streamline its internal operations. He 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 using all of the most advanced tools to do that proactively.”
He pointed out that many venture firms are investing in new technologies but are not fully utilizing them in their processes. Watt emphasized that Share Ventures stands out by integrating novel data and automation, which he believes is a distinctive aspect of their approach.
Watt’s interest in health and longevity grew after the loss of his mother at the age of 25, when she passed away at just 49 years old. This experience led him to contemplate his own mortality in a profound way.
Reflecting on his journey, Watt mentioned his time with MoviePass, which he recently examined in the documentary “MoviePass, MovieCrash.” 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?”