Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable failure and is now seeking funding for a new venture studio aimed at supporting and developing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers unlimited theater access for a monthly fee, has been focusing on his new venture, Share Ventures. In an interview, he revealed that the studio has successfully raised nearly $20 million in funding, with investors including Alphabet and Amazon. Share Ventures is targeting startups in the fields of future work and longevity.
According to Watt, the current landscape shaped by the AI boom and high interest rates presents an opportunity for a venture capital model that stands apart from traditional methods. As a result, Share Ventures is developing its own software and utilizing complex language models to streamline its internal processes. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt 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.”
Watt also noted that while many venture firms are putting money into new technologies, they are not necessarily implementing these innovations within their own 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 stemmed from his personal loss, having lost his mother at the young age of 25. “When you lose your mom at a young age, it forces you to think about your own mortality,” he shared.
Looking back at the lessons learned from MoviePass, which he openly discussed in the documentary “MoviePass, MovieCrash,” Watt expressed his determination to continue pursuing innovation. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he said.