Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable downfall and is now raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the concept of offering moviegoers unlimited access to theaters for a monthly fee, has been busy with Share Ventures. The new company has already secured nearly $20 million in funding, backed by major players like Alphabet and Amazon. Watt intends for this venture to concentrate on startups within the future of work and longevity sectors.
He believes the current environment, shaped by the AI boom and high interest rates, is conducive to a distinct model in venture capital. Therefore, Share Ventures is set to create its own software and complex language models to streamline its operations.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt stated. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively.”
Watt pointed out that many venture firms are investing in new technologies but are not effectively utilizing them.
“Using novel data and automation in our process is something we think is uniquely special to us,” he noted.
His interest in health and longevity was sparked by the early loss of his mother when he was just 25 years old. She passed away at the age of 49.
“When you lose your mom at a young age, it forces you to think about your own mortality in a way that I don’t know that I was conscious of at the time,” he reflected.
Watt’s experience with the failure of MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” has only fueled his desire 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 concluded.