Hamet Watt, the co-founder of MoviePass, is leaving behind the company’s tumultuous history and is now focused on raising capital for a new venture studio aimed at developing and funding startups.
Watt, who initially launched MoviePass in 2011 to allow movie enthusiasts unlimited access to theaters for a monthly subscription, has begun a new project called Share Ventures. He revealed to Business Insider that the startup has already attracted nearly $20 million in funding from major investors, including Alphabet and Amazon. Share Ventures will concentrate on developing startups in the fields of future work and longevity.
Watt believes the current landscape of venture capital, influenced by advancements in artificial intelligence and rising interest rates, is suitable for a novel approach to investment. Share Ventures plans to build its own software and utilize advanced language models to streamline operations. He explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This strategy, he noted, is beneficial since they aim to build companies from the ground up while leveraging cutting-edge tools.
He also pointed out that while many venture firms invest in emerging technologies, they often do not implement these innovations in their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
Watt’s focus on health and longevity was influenced by the loss of his mother at a young age, which has shaped his perspective on life and mortality. 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 experienced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation. He expressed a desire to learn from his past and continue pursuing new ventures, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”