The co-founder of MoviePass has moved on from the company’s significant collapse and is now securing funding for a new venture studio aimed at supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of offering a monthly subscription for unlimited theater access, shared his latest endeavors with Business Insider regarding his new venture, Share Ventures. The company has already raised nearly $20 million from investors, including giants like Alphabet and Amazon. Watt stated that Share Ventures will concentrate on startups focused on the future of work and health longevity.
He believes that the current climate, characterized by an AI boom and elevated interest rates, has created an opportunity for a “differentiated model” in venture capital. Therefore, Share Ventures plans to develop its own software alongside advanced language models to streamline its operations. “You don’t need as large of funds, and you can identify opportunities much earlier with less capital,” he mentioned. “This is advantageous for us as we build companies from scratch with cutting-edge tools.”
Watt also noted that while many venture firms are investing in new technologies, they often do not fully incorporate or utilize them. “Our unique approach lies in leveraging novel data and automation in our processes,” he emphasized.
His interest in health and longevity was sparked by personal experience, specifically the loss of his mother when he was just 25 and she was 49. This event prompted him to consider his own mortality in a way he had not before.
Reflecting on the downfall of MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that it has only fueled his desire to innovate. “What have I learned, and what do I have the courage to attempt now — potentially facing failure, or achieving success?” he questioned.