The co-founder of MoviePass, Hamet Watt, is embarking on a new journey following the company’s dramatic downfall. He is raising funds for Share Ventures, a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the concept of offering unlimited movie access to subscribers, has announced that Share Ventures has secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. The focus of this new venture will be on startups that address future work trends and longevity.
According to Watt, the current landscape, shaped by advancements in artificial intelligence and high interest rates, presents an opportunity for a differentiated investment model. Share Ventures plans to create its own software and utilize complex language models to streamline internal operations.
He emphasized that smaller funds can provide earlier insights into opportunities with less capital, allowing for the establishment of new companies using advanced technological tools.
Watt remarked on the trend among many venture firms to invest in emerging technologies without fully integrating them into their operations. He believes that leveraging innovative data and automation sets Share Ventures apart.
His interest in health and longevity was heightened by personal experience, having lost his mother at the young age of 25. This experience has profoundly impacted his perspective on life and mortality.
Reflecting on his past with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt expressed a desire to continue innovating despite previous setbacks. He is now driven by the questions of what he has learned and the willingness to pursue new ventures, regardless of potential failure.