The co-founder of MoviePass is moving on from the company’s notable decline and is now focused on launching a new venture studio aimed at supporting and financing startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, has been busy developing Share Ventures. He recently informed Business Insider that his new company has raised nearly $20 million in funding from notable investors, including Alphabet and Amazon.
Share Ventures is concentrating on startups related to the future of work and health longevity. Watt believes that the current landscape, influenced by the AI surge and high interest rates, presents an opportunity for a “differentiated model” in venture capital. Share Ventures plans to build its own software and utilize advanced language models to streamline its internal operations.
Watt commented that smaller funds can be effective, allowing them to identify opportunities much sooner with less capital. He stated, “For us, that’s a great thing because we’re building companies from scratch and utilizing the most advanced tools to do that proactively.”
He also noted that many venture firms are investing in new technologies but often do not incorporate them into their own operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s personal experiences, particularly the loss of his mother at a young age, have influenced his interest in health and longevity. He reflected, “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.”
Despite the challenges faced by MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate. He expressed a desire to explore what he has learned from past experiences and the willingness to take risks in pursuing new ventures.