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 supporting startups.
Watt, who helped establish MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, recently shared his latest endeavors with Business Insider. His new company, Share Ventures, has successfully secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. The focus of this venture will be on startups that prioritize the future of work and health longevity.
Watt believes the current landscape for venture capital, influenced by the rise of AI and high interest rates, is conducive to adopting a “differentiated model.” Share Ventures plans to develop its own software and complex language models to enhance its internal operations, allowing for more efficient startup creation with less capital investment.
He emphasized that many venture firms may be investing in cutting-edge technologies but are not effectively utilizing them within their own processes. Watt views the integration of innovative data and automation as a unique advantage of his approach.
His interest in health and longevity stems from personal experiences, particularly the loss of his mother at the age of 25. This event led him to contemplate mortality more deeply.
Reflecting on the lessons learned from the collapse of MoviePass—an experience he detailed in the documentary “MoviePass, MovieCrash”—Watt expressed a desire to embrace innovation and the potential for both failure and success in his new ventures.