The co-founder of MoviePass is moving on from the company’s notable downfall to raise funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, is now focused on Share Ventures. In a recent interview, he revealed that the new venture has garnered nearly $20 million in funding from investors including Alphabet and Amazon. Watt stated that Share Ventures is concentrating on startups within the future of work and longevity sectors.
Watt mentioned that the surge in AI technology and high interest rates has created an environment for venture capital that is ripe for a “differentiated model.” Therefore, Share Ventures plans to create its own software alongside sophisticated language models to streamline its internal operations.
According to Watt, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He believes this approach is advantageous for building companies from the ground up while utilizing the latest tools.
He pointed out that many venture firms are investing in new technologies without fully integrating and utilizing them within their operations. Watt emphasized that their unique use of innovative data and automation distinguishes Share Ventures from other firms.
His interest in health and longevity was sparked by a personal tragedy: losing his mother at the age of 25, just as she was 49 at the time of her passing. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Watt’s experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” has only strengthened his resolve to pursue innovation. He concluded by stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”