The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s notable collapse and is currently raising funds for a new venture studio dedicated to developing and financing startups. Watt, who established MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited theater access, is now focused on Share Ventures.
This new company has successfully secured nearly $20 million in funding from investors including Alphabet and Amazon. Watt emphasized that Share Ventures is concentrating on startups in the future work and longevity sectors.
He believes that the current AI surge and elevated interest rates have created a favorable environment for a distinctive investment model. This has led Share Ventures to create its software and complex language models to enhance internal automation.
Watt explained, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He noted that this approach is advantageous for their model, as they are striving to build companies from the ground up using advanced tools.
He pointed out that many venture firms are investing in new technologies without truly utilizing them in their operations. Watt stated, “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 early loss of his mother at the age of 25, who passed away at just 49. “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 explored in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate. He concluded by expressing his readiness to take on new challenges: “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”