The co-founder of MoviePass, Hamet Watt, is shifting focus from the company’s notable collapse to pursue a new venture studio, Share Ventures, aimed at developing and funding startups.
Watt, who established MoviePass in 2011, which allowed moviegoers unlimited access to theaters for a monthly fee, revealed to Business Insider that Share Ventures has already attracted nearly $20 million in funding from investors including Alphabet and Amazon. The new venture will concentrate on startups involved in the future of work and longevity sectors.
He expressed belief that the current landscape of venture capital, influenced by the AI surge and rising interest rates, is conducive to a more innovative approach. Share Ventures plans to integrate advanced software and sophisticated language models to streamline its operations, which Watt sees as a key advantage.
“We don’t need as large of funds, and we can identify opportunities earlier with less capital,” he explained. “For us, that’s beneficial because we are building companies from scratch and employing advanced tools proactively.”
Watt noted that while many venture firms are funding new technologies, they often do not fully utilize or embody them in their processes. He emphasized the unique aspect of Share Ventures in employing innovative data and automation.
Watt’s interest in health and longevity was sparked by a personal tragedy — losing his mother at the age of 25, when she was just 49. He reflected on how this experience forced him to confront his own mortality.
He acknowledged the lessons learned from MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” and expressed a renewed motivation to innovate despite the risk of failure.