The co-founder of MoviePass is moving on from the company’s downfall and is working on raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who launched MoviePass in 2011 with the innovative idea of allowing moviegoers unlimited access to theaters for a monthly fee, has now turned his attention to Share Ventures. In an interview with Business Insider, he revealed that the new company has successfully secured nearly $20 million in funding from notable backers, including Alphabet and Amazon. The focus of Share Ventures is on startups operating within the future of work and longevity sectors.
Watt believes that the current landscape of venture capital, influenced by the AI surge and rising interest rates, is ripe for a distinct approach. Share Ventures plans to develop its own software and complex language models to streamline its internal processes.
He explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. 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 noted that while many venture firms are funding new technologies, they often do not integrate or utilize them effectively within their operations.
He emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
His personal experience with loss has also fueled his interest in the health and longevity fields. Watt lost his mother at a young age, which profoundly impacted his perspective on life and mortality.
Reflecting on his experiences, he stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”