The co-founder of MoviePass, Hamet Watt, is embarking on a new chapter after the company’s dramatic downfall. He is actively raising funds for Share Ventures, a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the revolutionary concept of allowing moviegoers to pay a flat monthly fee for unlimited theater access, has now informed Business Insider that he is focusing on Share Ventures. The firm has successfully raised nearly $20 million, with notable investments from tech giants Alphabet and Amazon. Share Ventures is concentrating on startups related to the future of work and longevity.
Watt believes that the current landscape, influenced by the AI surge and elevated interest rates, presents a strong opportunity for a unique approach in venture capital. As such, Share Ventures plans to integrate its own software and sophisticated language models to streamline its operations, as reported by Business Insider.
He emphasized the advantages of smaller funding requirements and being able to identify opportunities earlier with less capital. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively,” he explained.
Watt noted that while many venture firms are investing in new technologies, they often fail to fully integrate and utilize these innovations in their operations. He claimed that leveraging unique data and automation gives Share Ventures a distinct edge.
His interest in health and longevity stems from a personal tragedy: losing his mother at just 49 years old when he was 25. “Losing my mom at a young age made me confront my own mortality in a way I wasn’t fully aware of before,” he shared.
Watt’s experience with the decline of MoviePass, which he recounted in the HBO documentary “MoviePass, MovieCrash,” has only fueled his drive to innovate further. He reflected, “What have I learned, and what do I have the courage to pursue now — whether it leads to failure or success?”