The co-founder of MoviePass is embarking on a new journey after the company’s downfall, focusing on raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the revolutionary idea of offering moviegoers unlimited access to theaters for a monthly subscription, has shifted his focus to Share Ventures. In an interview, he revealed that the new company has successfully raised nearly $20 million, with notable investors such as Alphabet and Amazon. Share Ventures is set to concentrate on startups within the realms of future work and longevity.
Watt believes that the current landscape of venture capital, influenced by the AI surge and rising interest rates, is ideal for a “differentiated model.” As a result, Share Ventures is developing proprietary software and utilizing complex language models to streamline its internal operations. Watt explained that this approach allows for smaller funding requirements and the ability to identify promising opportunities with less capital.
He noted that while many venture firms are investing in new technologies, they often do not fully integrate and utilize them within their processes. Watt expressed confidence that leveraging innovative data and automation distinguishes Share Ventures from its competitors.
His personal experiences, especially the loss of his mother at a young age, have fueled his interest in health and longevity. He reflected on how this tragedy prompted him to contemplate his own mortality more deeply.
Watt’s previous challenges with MoviePass, which he detailed in the documentary “MoviePass, MovieCrash,” serve as motivation for him to continue pursuing 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?”