The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s collapse and is now raising funds for a new venture studio aimed at supporting the development and funding of startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers an unlimited monthly subscription service, has been focused on his new enterprise, Share Ventures. He reported to Business Insider that the venture has secured nearly $20 million in backing, with significant investments from Alphabet and Amazon. Share Ventures will concentrate on startups operating in the future of work and longevity sectors.
Watt believes the current environment, characterized by an AI boom and elevated interest rates, presents an opportunity for a distinctive venture capital approach. Consequently, Share Ventures is developing its own software and sophisticated language models intended to streamline internal operations.
“We don’t need large funds, and we can identify opportunities much earlier with less capital,” Watt stated. “This is advantageous for us as we build companies from the ground up, leveraging cutting-edge tools for proactive development.”
He noted that while many venture firms are investing in new technologies, they are not fully incorporating these innovations into their operations. “Employing unique data and automation in our processes sets us apart,” Watt explained.
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 experience prompted him to contemplate his own mortality.
Watt reflected on his willingness to innovate despite the failure of MoviePass, which he discussed in the documentary “MoviePass, MovieCrash.” “What have I learned, and what am I willing to attempt now—perhaps failing, but potentially succeeding?” he questioned.