The co-founder of MoviePass, Hamet Watt, is embarking on a new venture following the company’s dramatic decline. He is raising capital for a new venture studio named Share Ventures, which aims to support the development and funding of startups.
Watt, who co-founded MoviePass in 2011 with the concept of a monthly subscription for unlimited movie theater access, shared with Business Insider that Share Ventures has already secured nearly $20 million in funding from influential backers, including Alphabet and Amazon. The focus of this new venture lies in areas related to the future of work and longevity.
Watt noted that the current economic climate, characterized by the AI boom and high interest rates, presents a unique opportunity for a “differentiated model” in venture capital. As a result, Share Ventures is developing its own software along with sophisticated language models to streamline its operations. He emphasized that smaller funds can identify opportunities earlier with less capital, which aligns perfectly with their strategy of building companies from the ground up using advanced tools.
He pointed out that while many venture firms are investing in emerging technologies, they often do not fully integrate or utilize these innovations in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt remarked.
Watt’s personal experience with loss, having lost his mother at the age of 25, has significantly influenced his interest in health and longevity. This profound experience forced him to confront his own mortality and has shaped his entrepreneurial pursuits.
Reflecting on his journey after the failure of MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt expressed his determination to innovate despite past setbacks. He questions, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”