The co-founder of MoviePass is moving on from the company’s significant failure and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 introducing a subscription model for unlimited movie access, shared with Business Insider that he has been working diligently at Share Ventures. The new company has attracted nearly $20 million in funding from investors, including major players like Alphabet and Amazon. Watt indicated that the venture is concentrating on startups within the future of work and longevity sectors.
He believes that the current environment, marked by an AI surge and high interest rates, presents a ripe opportunity for a distinctive investment model. As a result, Share Ventures is developing its own software alongside complex language models to streamline its internal operations. Watt 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 advantages of building companies from the ground up while leveraging advanced tools.
Watt observed that while many venture firms are investing in emerging technologies, they often do not fully integrate or utilize them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he said.
His interest in health and longevity was propelled by a personal tragedy—losing his mother at just 25 years old. She passed away at the age of 49, an event that deeply affected his perspective on mortality. “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time,” he reflected.
Watt’s experiences with MoviePass, which he candidly addressed in the documentary “MoviePass, MovieCrash,” have only fueled his ambition 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?”