The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic downfall and is currently raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011, which allowed moviegoers unlimited access to theaters for a monthly fee, has been focused on his new company, Share Ventures. He revealed to Business Insider that Share Ventures has successfully secured nearly $20 million in funding, with notable backers such as Alphabet and Amazon. The new venture is targeting startups within the future work and health longevity sectors.
He believes that the current landscape of the venture capital industry, influenced by the rise of AI and high interest rates, is ready for a distinctive approach. Share Ventures is developing its own software along with complex language models to enhance internal operations. Watt indicated that this new model reduces the need for large funding amounts and enables quicker identification of promising opportunities with less initial capital. “We’re building companies from scratch using the most advanced tools proactively,” he stated.
Watt also highlighted that while other venture firms are investing in new technologies, they may not be effectively utilizing them. “Our unique approach of employing novel data and automation in our processes sets us apart,” he said.
His interest in health and longevity was partially spurred by personal tragedy; he lost his mother at the young age of 25 when she was just 49. This experience has deeply influenced his perspective on mortality. “Experiencing such a loss makes you reflect on your own life in ways that you might not realize at the time,” Watt explained.
Despite the setbacks from MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He expressed a determination to continue experimenting, regardless of the possibility of failure. “What have I learned, and what am I ready to try now—whether I fail or succeed?” he pondered.