The co-founder of MoviePass is moving forward after the company’s notable collapse by launching a new venture studio aimed at developing and funding startups.
Hamet Watt, who co-founded MoviePass in 2011 with the revolutionary concept of allowing moviegoers to pay a monthly fee for unlimited theater access, is now focused on Share Ventures. He has shared with Business Insider that his new company has raised nearly $20 million with backing from major players like Alphabet and Amazon. The venture will concentrate on startups in the fields of future work and longevity.
Watt believes that the current AI boom and elevated interest rates have created an environment in venture capital that is ripe for a “differentiated model.” This prompted Share Ventures to develop its own software and complex language models to streamline internal operations, as reported by Business Insider.
He explained that with fewer funds needed, investors can identify opportunities much earlier with 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 said.
Watt noted that while many venture firms are investing in new technologies, they often do not fully utilize these innovations in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he remarked.
Watt’s personal experiences have shaped his interest in health and longevity, particularly after losing his mother at the age of 25 when she was just 49. This loss compelled him to reflect on his mortality in a way he had not previously considered.
Watt’s experience with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” has only fueled his determination to innovate further. He expressed that his reflections on what he learned from past failures motivate him to embark on new ventures, regardless of the possibility of failure.