The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s significant decline. He is now focused on raising funds for Share Ventures, a venture studio aimed at supporting and developing startups.
Watt, who co-founded MoviePass in 2011 with the concept of offering a monthly subscription for unlimited movie access, has reported that Share Ventures has obtained nearly $20 million in funding from prominent investors including Alphabet and Amazon. The new firm will primarily target startups in the areas of future work and longevity.
Watt believes that the current environment, characterized by a boom in artificial intelligence and high interest rates, creates an opportunity for a unique venture capital model. Share Ventures plans to create its own software and utilize advanced language models to automate its internal operations.
He conveyed that smaller funds allow for quicker identification of opportunities, which is beneficial for building companies from the ground up with advanced tools. Watt highlighted that while many venture firms are investing in new technologies, few are actively integrating and utilizing them in their processes.
His interest in health and longevity is deeply personal, stemming from the loss of his mother when he was just 25 years old. This experience made him more aware of his own mortality.
Reflecting on his past with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt expressed that he has transformed his setbacks into motivation. He is eager to apply his lessons learned to future endeavors, unafraid of the possibility of failure.