The co-founder of MoviePass is moving on from the company’s notable downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, has been actively working on Share Ventures. The new venture has successfully secured nearly $20 million in funding from investors, which include major companies like Alphabet and Amazon. Watt stated that the studio plans to target startups in the arenas of future work and longevity.
He believes that the current landscape, influenced by the AI boom and high interest rates, is ripe for a distinct venture capital model. Therefore, Share Ventures is developing its own software and complex language models to enhance its internal operations. Watt expressed that smaller funds can now often provide early indications of investment opportunities 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 remarked.
Watt also pointed out that while many venture firms are investing in new technologies, they often do not incorporate these innovations into their own processes. He highlighted, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was sparked by personal experience, including the loss of his mother at a young age. “When you lose your mom at a young age, it forces you to think about your own mortality, in a way that I don’t know that I was conscious of at the time,” he shared.
Watt’s previous experience with the collapse of MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate further. He reflected on his journey by asking, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”