Hamet Watt, co-founder of MoviePass, is moving past the company’s dramatic downfall and is now raising funds for a new venture studio aimed at developing and financing startups.
Watt, who co-created MoviePass in 2011, which revolutionized the moviegoing experience by allowing subscribers to pay a monthly fee for unlimited theater access, has been actively working on Share Ventures. He informed Business Insider that the new venture has already secured nearly $20 million in funding from investors, including Alphabet and Amazon. Share Ventures will focus on startups in the future of work and longevity sectors.
According to Watt, the current landscape of venture capital, influenced by the AI boom and high interest rates, creates an opportunity for a “differentiated model.” Share Ventures plans to develop its own software and complex language models to streamline its internal operations.
Watt emphasized that smaller funds can identify opportunities more quickly and with less capital, which is beneficial for building companies from the ground up using advanced tools. He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing.”
He pointed out that while many venture firms are investing in new technologies, they often fail to fully integrate and utilize them in their processes. Watt believes that using innovative data and automation is a unique aspect of Share Ventures.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25 when she was just 49. This loss made him contemplate his own mortality, influencing his focus on longevity in his current projects.
Reflecting on his experience with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”