Hamet Watt, the co-founder of MoviePass, is shifting focus from the company’s dramatic downfall to launching a new venture studio aimed at developing and funding startups.
Watt, who co-founded MoviePass in 2011 with a vision of offering moviegoers unlimited theater access for a monthly fee, is now dedicated to Share Ventures. In an interview with Business Insider, he revealed that the new firm has raised nearly $20 million, with notable investors including Alphabet and Amazon. The studio’s focus will be on startups in the fields of future work and longevity.
Watt believes the current environment, characterized by an AI boom and high interest rates, presents a unique opportunity for a “differentiated model” in venture capital. As a result, Share Ventures is developing its own software and complex language models to streamline its internal operations. He expressed confidence that smaller funding amounts are sufficient to gauge opportunities earlier in the process.
Watt noted that while many venture firms are investing in new technologies, few are adopting and utilizing them effectively. He emphasized that the integration of innovative data and automation in their processes sets Share Ventures apart.
His personal interest in health and longevity took root after the loss of his mother at the age of 25; she passed away at just 49 years old. This experience prompted Watt to reflect on mortality in ways that he had not previously considered.
Watt remains undeterred by the failure of MoviePass, which he recently addressed in the HBO documentary “MoviePass, MovieCrash.” He views each setback as a learning experience that fuels his desire to innovate further.