The co-founder of MoviePass is embarking on a new venture following the company’s significant downfall. Hamet Watt, who founded MoviePass in 2011 with the vision of offering moviegoers unlimited theater access for a monthly fee, is now focused on Share Ventures, which aims to support and fund startups.
Watt revealed to Business Insider that Share Ventures has raised nearly $20 million, with backing from notable investors including Alphabet and Amazon. The company is concentrating on startups in sectors related to the future of work and longevity.
He believes the current landscape, influenced by the AI surge and high interest rates, presents an opportunity for a unique approach in venture capital. To this end, Share Ventures is developing its own software and advanced language models to streamline operations.
Watt emphasized that lower funding requirements can enable earlier identification of opportunities with less capital investment. This framework benefits their strategy as they build companies from the ground up using cutting-edge tools.
He pointed out that many venture firms are investing in emerging technologies but are not fully utilizing them in their processes. Watt sees the integration of novel data and automation as a distinct advantage for Share Ventures.
His personal interest in health and longevity, sparked by the loss of his mother at a young age, drives his new initiative. This experience made him more aware of mortality and the importance of health innovation.
Reflecting on his experience with MoviePass, which he discussed in the recent documentary “MoviePass, MovieCrash,” Watt remains motivated to innovate despite past failures. He considers the lessons learned and expresses a willingness to take risks as he explores new opportunities.