Hamet Watt, co-founder of MoviePass, is moving forward from the company’s dramatic downfall and is currently raising capital for a new venture studio aimed at supporting the development and funding of startups.
Watt, who launched MoviePass in 2011, a service allowing movie enthusiasts to pay a monthly fee for unlimited theater access, revealed to Business Insider that he is now focused on Share Ventures. This new company has already secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. The venture aims to target startups in the fields of future work and longevity.
Watt believes that the current climate of high interest rates and the surge in artificial intelligence create an opportunity for a unique venture capital model. As such, Share Ventures is developing its own software and utilizing complex language models to streamline its internal operations. He noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach allows him to build companies from the ground up with cutting-edge tools.
He expressed that many venture firms are investing in new technologies without fully integrating or utilizing them in their processes. Watt emphasized that using innovative data and automation sets Share Ventures apart from others.
His interest in health and longevity is deeply personal; he lost his mother at the age of 25 when she was just 49. This loss significantly impacted his perspective on mortality and inspired his current focus.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He remarked, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”