The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s notable downfall and is now focused on raising funds for a new venture studio designed to develop and support startups.
Watt, who launched MoviePass in 2011 based on the concept of unlimited theater access for a monthly fee, has been working diligently at Share Ventures. The new venture has already secured almost $20 million in funding, with backing from companies including Alphabet and Amazon. Watt indicated that the firm is concentrating on startups related to the future of work and longevity.
He believes the current AI boom and elevated interest rates have created an environment where venture capital is suitable for a more distinctive model. As a result, Share Ventures is producing its own software and complex language models to streamline its internal operations.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. “That’s beneficial for us as we are building companies from the ground up while utilizing the latest tools proactively.”
Watt pointed out that many venture firms are investing in new technologies but are not fully integrating these innovations into their own processes.
“Employing novel data and automation in our approach is something we consider to be uniquely our own,” he added.
His interest in health and longevity stems from personal experience, as he lost his mother at just 25 years old when she was 49.
“Experiencing the loss of my mother at such a young age made me confront my own mortality in a way I hadn’t before,” he remarked.
Watt reflected on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” stating that his setbacks only fueled his determination to continue innovating.
“What have I learned, and what am I brave enough to attempt now—whether I might fail again, or possibly succeed?” he said.