The co-founder of MoviePass is moving forward from the company’s notable downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers unlimited theater access for a monthly fee, has been actively working on Share Ventures. This new company has secured nearly $20 million in funding from investors, including major players such as Alphabet and Amazon. Watt stated that Share Ventures will concentrate on startups in the fields of future work and longevity.
He believes that the current AI boom and elevated interest rates have created an opportunity for a unique venture capital model. Share Ventures plans to develop its own software and complex language models to enhance efficiency in its internal operations.
Watt emphasized the importance of innovative approaches, noting that smaller funds can still yield significant insights into opportunities with less capital. “We’re building companies from scratch and employing the most advanced tools proactively,” he explained.
Additionally, Watt pointed out that while many venture firms are investing in new technologies, they often don’t fully integrate and utilize them in their processes. He believes that incorporating novel data and automation sets Share Ventures apart.
His interest in health and longevity was sparked by a personal tragedy; losing his mother at 25, who passed away at the age of 49, profoundly affected his outlook on life and mortality.
Reflecting on the lessons learned from the failure of MoviePass, highlighted in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he remarked.