Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable collapse and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who co-created MoviePass in 2011 with the concept of offering moviegoers unlimited theater access for a monthly fee, is working on Share Ventures. In an interview with Business Insider, he revealed that the new venture has secured nearly $20 million in funding from investors including Alphabet and Amazon. Share Ventures is concentrating on startups within the realms of future work and longevity.
According to Watt, the current boom in artificial intelligence combined with high interest rates has created an opportune moment for a venture capital model that stands out. Share Ventures plans to develop its own software and advanced language models to streamline internal operations. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” he explained. “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 noted that many venture firms are investing in new technologies but are not fully leveraging them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s interest in health and longevity was sparked by a personal tragedy—losing his mother at the age of 25 when she was just 49. “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time,” he shared.
Reflecting on his experiences with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that his earlier setback has fueled his desire to innovate further. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he pondered.