Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s dramatic downfall and is currently securing funding for a new venture studio aimed at supporting the growth of startups.
Watt, who launched MoviePass in 2011 with the innovative concept of allowing moviegoers to enjoy unlimited theater access for a monthly fee, is now focused on his new enterprise, Share Ventures. In an interview with Business Insider, he revealed that Share Ventures has already raised nearly $20 million in funding from notable investors, including Alphabet and Amazon. The venture is particularly interested in startups that explore the future of work and longevity.
He believes that the current climate of artificial intelligence advancement and high interest rates has created an opportunity for a unique investment model. As a result, Share Ventures is developing its own software and sophisticated language models to streamline its internal operations. “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt noted. He emphasized that this approach allows for building companies from the ground up while leveraging the most advanced tools available.
Watt observed that although many venture firms are investing in new technologies, they are not necessarily integrating these advancements into their practices. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
His interest in health and longevity was sparked by a personal tragedy—losing his mother at the age of 25 when she was just 49 years old. This early loss forced him to confront his own mortality in a profound way.
Reflecting on his experiences with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt sees his past failures as fuel for further innovation. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he pondered.