The co-founder of MoviePass is embarking on a new journey after the company’s dramatic decline by raising funds for a venture studio aimed at supporting the development and financing of startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, has been actively working on Share Ventures, a new business initiative. In an interview, Watt revealed that the new company has already attracted nearly $20 million in funding, with notable investors including Alphabet and Amazon. Share Ventures targets startups in the realms of future work and longevity.
Watt believes that the current landscape, shaped by the AI revolution and rising interest rates, presents an opportunity for a unique investment model. He mentioned that Share Ventures is developing its software and intricate language models to streamline internal processes. “You don’t need as large of funds, and you can identify opportunities much sooner with less capital,” he explained. “This is advantageous for us as we aim to build companies from the ground up using advanced tools.”
He noted that many venture capital firms are investing in emerging technologies but are not implementing them in their operations. “Incorporating innovative data and automation in our processes is something we believe sets us apart,” he added.
Watt’s personal experience of losing his mother at the age of 25, when she was just 49, has sparked his interest in health and longevity. He remarked, “Experiencing such a loss early in life compels you to confront your own mortality in ways that you might not realize at the time.”
His previous struggles with MoviePass, which he reflected on in the documentary “MoviePass, MovieCrash,” have fueled his determination to innovate. “What have I learned, and what risks am I willing to take now—whether that leads to failure or success?” he mused.