Hamet Watt, co-founder of MoviePass, is moving on from the company’s infamous downfall and is now focused on launching a new venture studio aimed at developing and funding startups.
Watt, who co-founded MoviePass in 2011 with the innovative concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has shared his current endeavors with Business Insider. His new company, Share Ventures, has already raised nearly $20 million in funding, attracting investors including Alphabet and Amazon. The firm aims to focus on startups in the areas of future work and longevity.
According to Watt, the current landscape of venture capital, influenced by the rise of AI and elevated interest rates, presents an opportunity for a unique investment model. Share Ventures intends to create its own software and leverage complex 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,” he stated, emphasizing the advantages of building companies with advanced tools from the ground up.
Watt believes many venture firms are investing in new technologies without fully utilizing them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
His personal experiences have shaped his interest in health and longevity. After losing his mother at the age of 25, he reflects on the impact of that loss. “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time,” Watt noted.
Despite his previous challenges with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” he remains determined to innovate in the startup space. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.