The co-founder of MoviePass, Hamet Watt, is moving on from the company’s tumultuous past and is now focused on raising funds for a new venture studio aimed at developing and financing startups. Watt, who co-founded MoviePass in 2011 with the innovative concept of offering moviegoers unlimited access to theaters for a monthly fee, has recently been dedicating his efforts to Share Ventures.
The new venture studio has already secured nearly $20 million in funding, with notable investments from companies like Alphabet and Amazon. Watt indicates that Share Ventures will concentrate on startups in emerging fields such as future work and longevity.
He believes that the current environment, characterized by advancements in AI and high interest rates, presents an opportunity for a differentiated venture capital model. Accordingly, Share Ventures plans to create its own software and leverage complex language models to streamline its operations.
Watt stated that this approach allows for smaller funds to identify opportunities earlier with less capital, which is beneficial for their goal of building new companies from the ground up using the most advanced tools.
He also noted that while many venture firms are investing in new technologies, they often do not fully incorporate these innovations into their operations. “Utilizing novel data and automation in our processes is something we consider to be uniquely ours,” he remarked.
After losing his mother at a young age, Watt developed a keen interest in health and longevity. This personal experience has influenced his current venture and the direction he aims to pursue.
Reflecting on his experience with MoviePass, which he discussed in a recent documentary titled “MoviePass, MovieCrash,” Watt expressed a desire to learn from his past failings and to continue innovating, despite the risk of failure. 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?”