The co-founder of MoviePass is moving past the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Hamet Watt, who co-founded MoviePass in 2011 with the vision of offering moviegoers unlimited access to theaters for a monthly fee, has been busy with his new enterprise, Share Ventures. According to statements made to Business Insider, the company has successfully raised nearly $20 million in funding, with notable support from backers including Alphabet and Amazon. Watt indicated that Share Ventures is targeting startups in the evolving sectors of work and health.
He believes that the combination of the AI boom and high interest rates has created an environment where venture capital is ready for a “differentiated model.” Consequently, Share Ventures is developing its own software along with complex language models to streamline internal processes. He pointed out that smaller funding amounts can allow for earlier signals on opportunities.
Watt noted that many venture firms are investing in new technologies without fully utilizing those innovations themselves. He emphasized that utilizing advanced data and automation is a distinctive aspect of Share Ventures.
His personal experiences, particularly the loss of his mother at a young age, have spurred his interest in health and longevity. He expressed how this personal tragedy has shaped his perspective on life and mortality.
Reflecting on the failure of MoviePass, which he recently addressed in the documentary “MoviePass, MovieCrash,” Watt stated that it only strengthens his resolve to innovate. He is eager to apply the lessons learned from his experiences and is open to the possibility of both failure and success in his new endeavors.