The co-founder of MoviePass is moving forward following the company’s notable downfall and is in the process of raising funds for a new venture studio dedicated to developing and financing startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited access to theaters, has been actively working on Share Ventures. In an interview, Watt revealed that the new venture has successfully secured nearly $20 million in funding, with support from major investors including Alphabet and Amazon. Share Ventures aims to concentrate on startups within the realms of future work and longevity.
Watt believes that the current landscape, influenced by the AI surge and elevated interest rates, presents a unique opportunity for a “differentiated model” in venture capital. This has motivated Share Ventures to develop its own software alongside advanced language models to enhance internal operations.
“You don’t need as large of funds, and you can identify an opportunity much sooner with less capital,” he stated, noting that this approach is beneficial for building companies from the ground up while leveraging the most advanced tools.
He pointed out that many venture firms are investing in new technologies but often do not fully integrate or utilize them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he emphasized.
Watt’s interest in health and longevity was sparked by the loss of his mother at the young age of 25, which has deeply influenced his perspective on mortality. “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.
Despite the setbacks with MoviePass, which he recently reflected on in the documentary “MoviePass, MovieCrash,” Watt remains determined to continue innovating. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.