Hamet Watt, co-founder of MoviePass, is embarking on a new journey after the company’s downfall, as he seeks funding for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the vision of providing consumers with an unlimited movie-watching experience for a monthly fee, has been actively involved with his new entity, Share Ventures. He announced that the venture has successfully attracted nearly $20 million in investments from notable backers such as Alphabet and Amazon. The focus of Share Ventures will be centered on startups in the emerging fields of workplace innovation and health longevity.
According to Watt, the current landscape of high interest rates and the AI revolution has created an opportunity for a distinct model in venture capital. Share Ventures plans to develop its own software and sophisticated language models to enhance its internal operations. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. “For us, that’s beneficial because we’re building companies from scratch and leveraging advanced tools proactively.”
He criticized many venture firms for investing in cutting-edge technologies without fully integrating them into their processes. “Using novel data and automation in our approach is something we think sets us apart,” he noted.
Watt’s interest in health and longevity was sparked by the early loss of his mother at the age of 49, an experience that profoundly impacted his perspective on life and mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
His experience with MoviePass, which was recently featured in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate despite the risk of failure. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.