The co-founder of MoviePass, Hamet Watt, is moving on from the company’s notable downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who co-founded MoviePass in 2011 with the vision of providing moviegoers an unlimited monthly theater access, recently shared details about his new venture, Share Ventures, with Business Insider. The company has successfully secured nearly $20 million in funding, backed by notable investors including Alphabet and Amazon. Share Ventures is primarily targeting startups that focus on the future of work and advancements in longevity.
Watt believes that the current environment, shaped by the rise in artificial intelligence and high interest rates, creates an opportunity for a distinct business model. To this end, Share Ventures is developing proprietary software alongside sophisticated language models to enhance its internal processes. He stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” highlighting the efficiency of their approach to building companies from the ground up using cutting-edge tools.
He noted that while many venture firms are investing in emerging technologies, they often do not fully integrate or employ them within their operations. Watt emphasized that their use of innovative data and automation methods sets Share Ventures apart.
Watt’s personal experience with loss has also influenced his interest in health and longevity. After losing his mother at a young age, he reflected on the implications of mortality, a perspective that drives his work today.
He remains motivated by his past experiences, including the pitfalls of MoviePass, which he discussed in the documentary “MoviePass, MovieCrash.” He expressed a desire to continue innovating, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”