The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic decline and is in the process of raising funds for a new venture studio designed to develop and finance startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers a subscription model for unlimited theater access, is now focused on a new project called Share Ventures. He recently shared with Business Insider that the new company has secured nearly $20 million in funding, with significant backing from major players such as Alphabet and Amazon. Share Ventures is directing its efforts towards startups in the realms of future work and longevity.
Watt believes that the current landscape of venture capital, influenced by the AI surge and elevated interest rates, is conducive to a “differentiated” model. Consequently, Share Ventures is developing proprietary software and complex language models to streamline its internal processes. He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows them to build companies from the ground up using advanced technologies.
Watt expressed that many venture firms are investing in new technologies but fail to incorporate them into their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he explained.
His interest in health and longevity was sparked by the loss of his mother at the young age of 25, who passed away at just 49. He reflected, “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.”
Despite the setbacks faced with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains motivated to continue innovating. He articulated his resolve by stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”