The co-founder of MoviePass is shifting focus from the company’s dramatic downfall to launching a new venture studio aimed at nurturing and funding startups.
Hamet Watt, who co-founded MoviePass in 2011, which allowed moviegoers to pay a monthly subscription for unlimited theater access, is now working at Share Ventures. In a conversation with Business Insider, Watt revealed that the new venture has raised nearly $20 million in funding from investors, including tech giants Alphabet and Amazon. The focus of Share Ventures will be on startups related to the future of work and longevity sectors.
Watt pointed out that the current landscape, marked by an AI boom and high interest rates, presents a ripe opportunity for a distinctive venture capital model. Share Ventures plans to develop its own software and intricate language models to automate internal operations, which he believes will provide an edge.
“You don’t need as large of funds, and you can identify opportunities much earlier with less capital,” he stated. “For us, that’s advantageous because we’re building companies from the ground up, utilizing the most advanced tools proactively.”
He also noted that while many venture firms are investing in new technologies, they often do not incorporate these innovations into their operations. Watt emphasized that using novel data and automation in their processes sets Share Ventures apart.
His interest in health and longevity was sparked by a personal tragedy; he lost his mother at the age of 25 when she was just 49. “Experiencing such a loss at a young age leads you to contemplate your own mortality in a way that might not have been apparent before,” he shared.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed that the setback has only fueled his motivation to innovate further. He concluded with a mindset of resilience, asking himself, “What have I learned, and what do I have the courage to attempt now — and possibly fail, but maybe succeed?”