The co-founder of MoviePass, Hamet Watt, is moving beyond the company’s dramatic decline and is in the process of raising funds for a new venture studio aimed at supporting the development of startups.
Watt, who launched MoviePass in 2011, which allowed subscribers to pay a monthly fee for unlimited theater access, has now turned his attention to Share Ventures. In an interview with Business Insider, he revealed that the new firm has raised nearly $20 million, with prominent investors including Alphabet and Amazon. The focus of Share Ventures is on startups in the areas of future work and longevity.
Watt believes the current climate of AI advancements and high interest rates has created an opportunity for a distinct venture model. He stated that Share Ventures plans to develop its own software and complex language models to streamline its internal processes. “You don’t need as large of funds, and you can identify opportunities much earlier with less capital,” he explained, emphasizing the benefits of building companies from the ground up with cutting-edge tools.
He observed that while many venture firms are investing in new technologies, they often do not fully embrace or utilize them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he noted.
Watt’s interest in health and longevity was sparked by personal loss, specifically the death of his mother at the age of 49 when he was just 25. This experience prompted him to reflect on mortality in a profound way.
Discussing his past with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt expressed that his failures have only fueled his desire 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 said.