Hamet Watt, co-founder of MoviePass, is shifting focus after the company’s dramatic downfall and is now fundraising for a new venture studio to support startups.
Watt, who launched MoviePass in 2011 with the vision of offering moviegoers unlimited access to theaters for a monthly fee, has been developing Share Ventures. The new company has already raised nearly $20 million in funding from notable investors including Alphabet and Amazon. Share Ventures is concentrating on startups aimed at enhancing the future of work and promoting longevity.
Watt believes the current climate, influenced by the AI boom and soaring interest rates, has created an opportunity for a distinctive approach in venture capital. Share Ventures plans to develop its own software and complex language models to streamline internal processes. He emphasized that less capital can be effective for identifying potential opportunities sooner.
He remarked that many venture firms are investing in emerging technologies but are not fully integrating or utilizing them. Watt aims to leverage innovative data and automation to differentiate Share Ventures from others in the field.
His interest in health and longevity was sparked by a personal tragedy—the loss of his mother when he was just 25, a pivotal moment that made him more aware of mortality.
Reflecting on his experience with MoviePass, which is the subject of the documentary “MoviePass, MovieCrash,” Watt expressed a desire to learn from past failures and continue to innovate, stating his willingness to take risks in pursuit of success.