The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s dramatic downfall and is now raising funds for a new venture studio aimed at developing and financing startups.
Watt, who originally launched MoviePass in 2011, which allowed moviegoers to pay a monthly fee for unlimited theater access, is now focusing on a venture called Share Ventures. He shared with Business Insider that the new company has already secured nearly $20 million in funding, with major investors including Alphabet and Amazon. Share Ventures is targeting startups in the fields of future work and longevity.
Watt believes that the current landscape, influenced by the AI surge and high interest rates, presents an opportunity for a unique investment model. Share Ventures aims to create its own software and utilize advanced language models to streamline its internal operations. He emphasized that it’s no longer necessary to have large funding amounts to identify promising opportunities early on.
Watt pointed out that while many venture firms are investing in new technologies, they are not fully utilizing them within their own operations. He underlined the importance of incorporating novel data and automation into their processes, which he sees as a distinctive advantage.
The inspiration for Watt’s focus on health and longevity came after the loss of his mother at a young age, which profoundly impacted his views on mortality. He continues to push for innovation post-MoviePass, reflecting on the lessons learned from its failure and expressing his determination to explore new ventures, regardless of the potential for success or failure.