The co-founder of MoviePass is departing from the company’s dramatic decline and is now raising capital for a new venture studio aimed at developing and financing startups.
Hamet Watt, who established MoviePass in 2011 with the concept of offering moviegoers unlimited theater access for a monthly fee, has been actively working on Share Ventures. This new company has raised nearly $20 million in funding from notable investors including Alphabet and Amazon. Watt indicated that Share Ventures is concentrating on startups focused on the future of work and longevity.
He believes the current environment of AI advancements and elevated interest rates has created an opportunity for a unique venture capital model. Consequently, Share Ventures is developing its own software and sophisticated language models to streamline its internal operations.
Watt commented, “You don’t need as large of funds, and you can get signals on opportunities much earlier with much less capital,” emphasizing that this approach allows them to build companies from the ground up using cutting-edge tools.
He pointed out that while many venture firms invest in emerging technologies, they often do not integrate and utilize them effectively. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
Watt’s interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25, who passed away at just 49. This experience profoundly impacted his perspective on mortality.
Reflecting on his past with MoviePass, which he addressed in the documentary “MoviePass, MovieCrash,” Watt remarked that his experiences have fueled his determination to continue innovating. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he pondered.