The co-founder of MoviePass is shifting focus after the company’s dramatic downfall to establish a new venture studio aimed at developing and funding startups.
Hamet Watt, who launched MoviePass in 2011 with the vision of allowing moviegoers unlimited access to theaters for a monthly fee, has shared that he is now engaged with Share Ventures. The new company has successfully raised nearly $20 million with backing from notable investors including Alphabet and Amazon. Watt indicated that Share Ventures will concentrate on startups within the future of work and longevity sectors.
Watt believes that the current landscape, influenced by advancements in AI and rising interest rates, presents an opportunity for a “differentiated model” in venture capital. As a result, Share Ventures plans to develop its own software alongside complex language models to streamline its operations, making the fundraising process more efficient and timely.
He stated, “You don’t need as large funds, and you can get signal on an opportunity much earlier with much less capital. For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt noted that while many venture firms are investing in new technologies, they often fail to integrate and utilize them effectively. He believes that employing innovative data and automation in the investment process sets Share Ventures apart.
His interest in health and longevity was sparked by a personal tragedy; Watt lost his mother at the age of 25. Reflecting on her passing at just 49, he remarked, “When you lose your mom at a young age, it forces you to think about your own mortality in a way that I don’t know that I was conscious of at the time.”
Despite the challenges faced with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He expressed a desire to explore new ventures, accepting the possibility of both failure and success in his future endeavors.