The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s dramatic downfall. He is now focused on raising capital for Share Ventures, a new venture studio dedicated to developing and funding startups.
Watt, who co-created MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, revealed in an interview that Share Ventures has already secured nearly $20 million in funding. Notable backers of the firm include tech giants Alphabet and Amazon. The studio aims to concentrate on startups in areas related to the future of work and longevity.
He noted that the current climate of booming artificial intelligence and elevated interest rates presents an opportunity for a “differentiated model” in venture capital. As a result, Share Ventures is dedicated to building its own software and crafting complex language models to streamline its internal operations.
Watt emphasized the advantages of this approach, stating, “You don’t need as large of funds, and you can detect opportunities much earlier with much less capital.” He views this as a significant benefit for building new companies using the latest tools proactively.
Watt mentioned that while many venture firms are investing in emerging technologies, they often do not fully integrate and utilize them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
His interest in health and longevity was sparked by personal loss; he lost his mother at the age of 25 when she was just 49. Reflecting on this experience, he admitted that it made him more aware of his own mortality.
Watt’s past with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate further. He expressed his motivation by asking himself, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”