The co-founder of MoviePass is shifting focus from the company’s tumultuous downfall to launching a new venture studio aimed at supporting and funding startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers unlimited theater access for a monthly fee, has been diligently working on Share Ventures. In an interview with Business Insider, he revealed that the new venture has successfully raised nearly $20 million in backing, with significant investment from companies like Alphabet and Amazon. Share Ventures aims to concentrate on startups in the areas of future work and longevity.
Watt noted that the current landscape, characterized by the AI explosion and high-interest rates, has created an opportunity for a distinct venture capital model. Share Ventures plans to develop its own software and advanced 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 explained. “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 pointed out that while many venture firms are investing in new technologies, they often fail to genuinely integrate and utilize them. He emphasized that deploying innovative data and automation uniquely distinguishes Share Ventures from competitors.
Watt’s interest in health and longevity was influenced by a personal tragedy: the loss of his mother at the age of 25, when she was just 49. This experience sparked a deeper contemplation of his own mortality.
Reflecting on his experience with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt expressed a desire to continue innovating despite past challenges. He said, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”