The co-founder of MoviePass, Hamet Watt, is moving past the company’s notable downfall and is now raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011, which allowed movie enthusiasts to pay a monthly fee for unlimited theater access, has been working on a new initiative called Share Ventures. The startup has already attracted nearly $20 million in funding from investors that include major players like Alphabet and Amazon. The focus of Share Ventures will be on startups that address the future of work and longevity sectors.
Watt noted that the current environment, characterized by the AI boom and elevated interest rates, presents an opportunity for a “differentiated model” in venture capital. Share Ventures plans to develop its own software and complex language models to enhance its internal operations. According to Watt, this approach allows for earlier assessment of opportunities with less investment. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools,” he stated.
He pointed out that while many venture firms are investing in new technologies, they often fail to incorporate these innovations into their own processes. Watt emphasized the unique use of novel data and automation in Share Ventures’ methods, stating it sets them apart.
His personal experience with loss has shaped Watt’s interest in health and longevity. He lost his mother at the age of 25, an event that profoundly impacted his perspective on mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Despite the setbacks faced with MoviePass, which he addressed in a recent documentary titled “MoviePass, MovieCrash,” Watt remains determined to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he expressed.