Hamet Watt, co-founder of MoviePass, is embarking on a new journey after the company’s notable downfall. He is now focused on raising funds for a new venture studio called Share Ventures, aimed at developing and funding startups.
Watt, who initially launched MoviePass in 2011 to allow customers unlimited access to theaters for a monthly fee, shared with Business Insider that his new venture has already secured nearly $20 million in funding from prominent backers like Alphabet and Amazon. Share Ventures is concentrating on investment opportunities in the evolving sectors of work and longevity.
He believes that the current landscape, influenced by the rise of artificial intelligence and elevated interest rates, presents a chance for a unique approach in venture capital. Watt explained that Share Ventures plans to integrate its own software and sophisticated language models to streamline operations, suggesting that this allows for quicker assessment of opportunities with less capital.
Watt noted, “You don’t need as large of 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.”
He emphasized that while many venture firms invest in new technologies, few actually implement them actively in their processes.
His interest in health and longevity was deeply personal, stemming from the loss of his mother at a young age, which led him to reflect on life’s fragility.
Watt’s experiences with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” have only fueled his desire to innovate despite prior setbacks. He expressed his determination to learn from his past and continue striving for success, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”