Hamet Watt, co-founder of MoviePass, is leaving behind the company’s dramatic decline as he seeks funding for a new venture studio aimed at supporting startup development.
Watt, who launched MoviePass in 2011 with the revolutionary concept of offering unlimited movie theater access for a monthly fee, is now focusing his efforts on Share Ventures. In an interview with Business Insider, he revealed that the new firm has raised nearly $20 million in capital from notable investors, including Alphabet and Amazon. Share Ventures will target startups in the realms of future work and longevity.
He believes the current environment, characterized by advancements in artificial intelligence and high interest rates, has created opportunities for a distinctive investment model. To this end, Share Ventures is developing its own software to leverage advanced language models and improve its internal processes.
Watt explained that smaller funds can yield significant insights on potential opportunities earlier in the funding process, which is advantageous for their approach of building companies from the ground up with cutting-edge resources.
He emphasized that while many venture capital firms are investing in emerging technologies, they often do not fully integrate these innovations into their operations. Watt feels that leveraging unique data and automation is a core strength of his new venture.
His interest in health and longevity initiatives was sparked by a personal tragedy; he lost his mother at the young age of 25, which made him more aware of mortality.
Reflecting on his experiences with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt expressed that the lessons learned from past failures only fuel his determination to pursue innovation and create new opportunities, regardless of potential risks.