The co-founder of MoviePass, Hamet Watt, is embarking on a new venture following the company’s downfall. He is raising funds for a startup studio aimed at developing and financing new companies.
Watt, who launched MoviePass in 2011 to offer moviegoers a subscription model for unlimited theater access, has now established Share Ventures. This new entity has garnered nearly $20 million in investment from significant backers, including Alphabet and Amazon. Watt’s focus is on startups in the fields of work-related innovation and health longevity.
He believes that the current climate of the AI surge and elevated interest rates has created an environment conducive to unique venture capital models. Share Ventures will not only invest in startups but will also develop its own software and advanced language models to improve operational efficiency.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the advantages of building companies with innovative technologies.
He noted that while many venture firms are investing in new technologies, they often do not fully leverage or implement these advancements themselves. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
Watt’s interest in health and longevity was sparked by the premature loss of his mother when he was 25, a tragedy that made him reflect on mortality.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed a determination to continue innovating. He questioned, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”