The co-founder of MoviePass is embarking on a new journey following the company’s notable decline, as he seeks to raise funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the revolutionary concept of providing moviegoers unlimited access to theaters for a monthly fee, has launched Share Ventures. In a recent interview with Business Insider, Watt revealed that his new company has already garnered nearly $20 million in funding, supported by investors including Alphabet and Amazon. Share Ventures is focusing on startups that explore the future of work and longevity.
Watt believes that the current landscape of venture capital is favorable for innovative models, especially in light of the AI boom and rising interest rates. His approach at Share Ventures involves creating its own software and employing complex language models to streamline internal operations. He emphasized that this allows for earlier identification of opportunities with less capital.
Watt noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. 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.”
He pointed out that while many venture firms are investing in new technologies, they often do not utilize these innovations in their own processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
His interest in health and longevity stemmed from a personal loss; Watt lost his mother at the age of 25 when she was just 49. He shared how this experience prompted him to reflect on his own mortality.
Watt’s previous experience with MoviePass, which he recounted in the documentary “MoviePass, MovieCrash,” has fueled his desire to continue innovating. He expressed a determination to explore new ideas despite the possibility of failure: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”