The co-founder of MoviePass is embarking on a new journey following the company’s dramatic collapse, as he seeks funding for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the vision of providing moviegoers unlimited access to theaters for a monthly fee, has been actively working on Share Ventures. In an interview, he revealed that the new firm has raised nearly $20 million from investors, including major players like Alphabet and Amazon. Share Ventures plans to focus on startups in the realms of work innovation and longevity.
Watt believes that the current landscape, shaped by the AI surge and high interest rates, presents an opportunity for a “differentiated model” in venture capital. His company is not only investing but also creating proprietary software and complex language models to optimize its internal processes. He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” emphasizing the advantage of building startups from the ground up using advanced technology.
Watt also noted a disconnect among many venture firms that are investing in new technologies but fail to integrate them into their own operations. He highlighted how Share Ventures aims to incorporate novel data and automation into its processes.
His interest in health and longevity has personal roots, stemming from the loss of his mother at a young age, which influenced his outlook on life and mortality. Watt expressed that such experiences drive him to innovate despite the setbacks faced with MoviePass, a story he reflects on in the documentary “MoviePass, MovieCrash.” 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?”