Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s notable collapse and is now raising capital for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 with the groundbreaking concept of offering moviegoers unlimited theater access for a monthly subscription, shared with Business Insider that he is diligently working on Share Ventures.
The new venture has already secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups in the fields of work and longevity.
He believes that the current AI boom and elevated interest rates have rendered the venture capital landscape suitable for a “differentiated model.” To this end, Share Ventures plans to develop its own software alongside sophisticated language models to streamline its internal processes.
“You don’t need as large of funds, and you can identify opportunities much earlier with significantly less capital,” Watt explained. “This is advantageous for us as we build companies from the ground up using the most advanced tools proactively.”
Watt observed that while many venture firms are investing in new technologies, they are not fully integrating or utilizing them within their operations.
“Leveraging innovative data and automation in our processes is something we believe sets us apart,” he stated.
His interest in health and longevity was sparked by the loss of his mother, who passed away at the age of 49 when Watt was just 25. This personal tragedy has profoundly impacted his outlook on life and mortality.
“Losing my mom at such a young age forces you to confront your own mortality in ways you may not have been aware of at the time,” he reflected.
Watt’s experience with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” has only fueled his motivation to continue innovating.
He remarked, “What have I learned, and what am I brave enough to attempt now — knowing I might fail, but also potentially succeed?”