Hamet Watt, co-founder of the once-popular MoviePass, is embarking on a new journey after the company’s dramatic decline. He is raising funds for his new venture studio, Share Ventures, aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the revolutionary idea of a monthly subscription for unlimited movie access, is now focused on Share Ventures, which has already attracted nearly $20 million in funding from prominent investors, including Alphabet and Amazon. The new firm will prioritize startups in the sectors of future work and longevity.
He believes the rise of artificial intelligence and high interest rates have created favorable conditions for a “differentiated model” in venture capital. Share Ventures plans to develop its own software and complex language models to streamline its internal operations.
Watt emphasized that fewer funds are now needed to identify promising opportunities at an earlier stage, which is beneficial for building companies from the ground up utilizing advanced tools.
He noted that while many venture firms are investing in new technologies, they often fail to incorporate and leverage them in their operations. Watt’s approach with Share Ventures focuses on utilizing innovative data and automation, which he views as a distinct advantage of his firm.
The death of his mother when he was just 25 has deeply influenced Watt’s interest in health and longevity. He reflected on how this personal loss prompted him to consider his own mortality.
Watt has expressed that his experiences with the downfall of MoviePass, which he recently recounted in the documentary “MoviePass, MovieCrash,” serve as motivation for him to embrace new innovation despite the risk of failure.