The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s dramatic downfall. He is currently raising funds for a new venture studio called Share Ventures, aimed at developing and funding innovative startups.
Watt, who launched MoviePass in 2011, which allowed movie enthusiasts to pay a monthly fee for unlimited theater access, revealed to Business Insider that Share Ventures has already secured nearly $20 million in funding. Investors include major players like Alphabet and Amazon. The focus of this new venture will be on startups that concentrate on future work and longevity.
He believes that the current landscape of venture capital, influenced by the AI surge and elevated interest rates, is primed for a differentiated model. This has led Share Ventures to develop its own software paired with complex language models to streamline internal operations.
Watt shared that contemporary funding strategies do not require significant capital upfront, enabling earlier signals regarding opportunities in the market. He stated, “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 integrate and utilize these innovations within their own processes. He emphasized the importance of employing novel data and automation uniquely at Share Ventures.
His personal experience with health and longevity became a driving force for his new focus after losing his mother at the age of 25. She passed away when she was just 49, prompting Watt to contemplate his own mortality and the broader implications of health advancements.
In reflecting on his past with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt expressed that the experience has fueled his determination to innovate. He shared his mindset moving forward: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”