The co-founder of MoviePass is moving on from the company’s significant downfall and is now seeking investment for a new venture studio aimed at developing and funding startups.
Hamet Watt, who launched MoviePass in 2011 with the vision of providing moviegoers unlimited access to theaters for a monthly fee, has shared details about his new endeavor, Share Ventures, in an interview with Business Insider. The new company has successfully raised nearly $20 million, with prominent backers including Alphabet and Amazon. Watt noted that Share Ventures will focus on companies in the future of work and longevity sectors.
Watt believes the current landscape, marked by a surge in artificial intelligence and high interest rates, has created a favorable environment for a unique investment model. As a result, Share Ventures is integrating its own software and advanced language models to streamline its internal processes. “You don’t need as large of funds, and you can identify opportunities much earlier with less capital,” Watt explained. “This is advantageous for us as we are building companies from the ground up while utilizing the latest tools proactively.”
He pointed out that many venture firms are investing in new technologies, but they often do not embody or utilize them effectively. “Employing novel data and automation in our approach is something we believe sets us apart,” he added.
Watt’s interest in health and longevity stems from a deeply personal experience: he lost his mother when he was just 25 years old, and she was only 49 at the time of her passing. This loss has profoundly influenced his views on life and health. “Experiencing the loss of my mother at a young age made me more aware of my own mortality,” he reflected.
Despite the setbacks he faced with MoviePass, which he discusses in the documentary “MoviePass, MovieCrash,” Watt is determined to keep pushing for innovation. “I think about what I’ve learned, and what I’m willing to attempt now — whether I might fail or maybe succeed,” he stated.