The co-founder of MoviePass, Hamet Watt, is moving past the company’s dramatic failure and is now focused on launching a new venture studio aimed at supporting startups. Watt, who helped establish MoviePass in 2011, a service allowing customers to pay a monthly fee for unlimited movie access, has been actively engaged with Share Ventures.
Watt revealed to Business Insider that Share Ventures has secured nearly $20 million in funding, with notable investors including Alphabet and Amazon. The firm plans to specialize in startups targeting the future of work and longevity sectors.
He remarked that the current surge in artificial intelligence and rising interest rates have created a favorable environment for a “differentiated” venture capital model. To this end, Share Ventures is developing its own software alongside sophisticated language models to streamline its internal operations.
Watt emphasized that the shift allows for smaller funds with the capability to identify promising investments much earlier. He stated, “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 noted that while many venture firms are investing in emerging technologies, they often fail to integrate and utilize these innovations within their own processes, a gap that Share Ventures aims to fill through automated and advanced data strategies.
Watt’s interest in health and longevity is deeply personal, stemming from the loss of his mother at the age of 25 when she was just 49. He shared, “When you lose your mom at a young age, it forces you to think about your own mortality.”
Reflecting on his experience with MoviePass, which he explored in the documentary “MoviePass, MovieCrash,” Watt expressed that setbacks only fuel his desire to innovate and take risks. He concluded, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”