The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s dramatic downfall. He is raising funds for a new venture studio called Share Ventures, aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of offering unlimited access to theaters for a monthly fee, revealed to Business Insider that Share Ventures has attracted nearly $20 million in funding, supported by investors such as Alphabet and Amazon. The focus of the new company will be on startups within the fields of future work and longevity.
He believes the current landscape, influenced by the AI boom and elevated interest rates, presents an opportunity for a distinct venture capital model. To capitalize on this, Share Ventures is creating its own software and utilizing advanced language models to streamline its operations.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital. 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.”
He noted that many venture firms are investing in new technologies but are not fully integrating and utilizing them. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s interest in health and longevity was sparked by personal tragedy, having lost his mother at the young age of 25. This experience prompted him to reflect on mortality.
Watt’s experience with the failure of MoviePass, which he detailed in the documentary “MoviePass, MovieCrash,” has fueled his desire to innovate further. He expressed his determination to learn from past mistakes and embrace the possibility of both success and failure in his new ventures.