The co-founder of MoviePass is moving forward from the company’s dramatic decline and is in the process of raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who founded MoviePass in 2011 with the revolutionary idea of allowing moviegoers unlimited access to theaters for a monthly fee, has shared that he is dedicating his efforts to Share Ventures. This new venture has already secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. Watt indicated that the focus will be on startups within the future of work and longevity sectors.
He believes that the current environment of booming artificial intelligence and high interest rates creates an opportunity for a differentiated venture capital model. Share Ventures plans to develop proprietary software and advanced language models to streamline its internal processes.
Watt explained that the new model allows for smaller funding rounds and earlier identification of opportunities, which is beneficial for building companies from the ground up using advanced tools.
He noted that many venture firms are backing new technologies but are not fully integrating or utilizing them in their processes. Watt emphasized that using innovative data and automation is a distinctive approach for Share Ventures.
His personal experience of losing his mother at a young age has fueled his interest in health and longevity. Watt reflected on the impact of that loss, stating it compelled him to confront his own mortality.
Additionally, he mentioned that his experience with the failure of MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” has motivated him to continue innovating and exploring new opportunities, regardless of the potential for failure.