Hamet Watt, the co-founder of MoviePass, is stepping beyond the company’s downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of offering moviegoers a monthly fee for unlimited theater access, has been diligently working on his new venture, Share Ventures. He shared with Business Insider that the company has already raised nearly $20 million, with investments from major backers including Alphabet and Amazon. Share Ventures aims to target startups in the future of work and longevity industries.
According to Watt, the current environment, characterized by the AI surge and high interest rates, presents an opportunity for a “differentiated model” in venture capital. Share Ventures is set to create its own software and advanced language models to streamline its internal operations. Watt mentioned, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the advantages of building companies with cutting-edge tools.
He noted that while many venture firms are investing in new technologies, they often do not fully utilize them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
Watt’s interest in health and longevity was sparked by personal loss; he lost his mother at the age of 25 when she was just 49. This experience has profoundly influenced his outlook on life and mortality. He reflected on this, stating, “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.”
Watt’s experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” did not deter him but rather inspired him to embrace innovation. He expressed a mindset of resilience and curiosity about future ventures, saying, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”