The co-founder of MoviePass is embarking on a new journey after the company’s dramatic downfall. Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of offering moviegoers unlimited access to theaters for a monthly fee, is now focusing on Share Ventures, a new venture studio aimed at developing and funding startups.
In an interview with Business Insider, Watt revealed that Share Ventures has raised nearly $20 million, with investments from major players like Alphabet and Amazon. The venture plans to target startups within the realms of future work and longevity.
Watt noted that the current landscape shaped by the AI boom and elevated interest rates has created an opportunity for a “differentiated model” in venture capital. Consequently, Share Ventures is developing its own software and complex language models to streamline its internal 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 approach allows his team to build companies from the ground up while leveraging advanced tools.
Watt pointed out that many venture firms are investing in emerging technologies but are not fully utilizing these innovations within their own processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he said.
His passion for health and longevity emerged after losing his mother at the young age of 25, which significantly impacted his outlook on life and mortality.
Reflecting on his experience with MoviePass, which he discussed in the recent documentary “MoviePass, MovieCrash,” Watt expressed that the lessons learned from that venture encourage him to continue pushing the boundaries of innovation. 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?”