The co-founder of MoviePass is moving past the company’s dramatic decline and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who launched MoviePass in 2011 with the concept of allowing movie enthusiasts to pay a monthly fee for unlimited cinema access, informed Business Insider about his efforts at Share Ventures.
The new company has successfully secured nearly $20 million in funding, with investors that include major players like Alphabet and Amazon. Watt emphasized that Share Ventures is concentrating on startups within the realms of work and longevity technology.
He believes that the current landscape, shaped by advances in AI and elevated interest rates, creates an opportunity for a unique venture capital model. Consequently, Share Ventures is also developing its own software alongside complex language models to enhance internal processes.
“You don’t need as large of funds, and you can get signals on an opportunity much earlier with much less capital,” he explained. “For us, that’s beneficial because we’re launching companies from the ground up and employing advanced tools proactively.”
Watt noted that while many venture firms are investing in new technologies, they often do not fully embody or utilize them in their operations.
“Leveraging novel data and automation in our processes is something we believe is distinctly advantageous for us,” he added.
His personal interest in health and longevity was sparked by the loss of his mother at the age of 25; she was only 49 at the time of her passing.
“When you lose your mom at a young age, it compels you to reflect on your own mortality in a way that I might not have understood then,” he shared.
Watt’s experiences with MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” have fueled his determination to continue innovating.
“What have I learned, and what am I daring enough to pursue now — potentially failing but also possibly succeeding?” he remarked.