Hamet Watt, the co-founder of MoviePass, is moving forward from the company’s dramatic downfall and is now raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011, offering moviegoers unlimited access to theaters for a monthly fee, has been actively working on Share Ventures. The new company has already secured nearly $20 million in funding from notable investors such as Alphabet and Amazon. Watt stated that Share Ventures is focused on startups in the fields of future work and longevity.
He believes that the current landscape of venture capital, influenced by the AI boom and elevated interest rates, is ideal for a “differentiated model.” Consequently, Share Ventures is developing its own software as well as complex language models to streamline its internal processes.
According to Watt, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. 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.”
Watt noted that while many venture firms are investing in new technologies, they often do not incorporate or utilize these innovations in their operations. He emphasized, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was sparked by the loss of his mother at the young age of 25, an event that profoundly influenced his perspective on mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
Watt’s experience with MoviePass, which he recently discussed in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate further. He expressed a willingness to continue exploring new ventures, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”