The co-founder of MoviePass, Hamet Watt, has embarked on a new journey after the company’s remarkable downfall. He is raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the innovative concept of offering moviegoers unlimited theater access for a monthly fee, has shared that he is currently focused on his new venture, Share Ventures. The company has successfully secured nearly $20 million in funding, with notable investors including Alphabet and Amazon. Watt’s new focus lies in startups that concentrate on the future of work and longevity.
He believes that the current environment of artificial intelligence growth and elevated interest rates has created a favorable climate for a distinct venture capital approach. Consequently, Share Ventures is developing its own software and complex language models to streamline its operations. Watt explained that this approach allows them to require smaller funds while identifying opportunities more quickly with less capital.
Watt noted that many venture firms are investing in emerging technologies but are not effectively integrating and utilizing them in their own processes. He emphasized that utilizing unique data and automation is a distinguishing feature of Share Ventures.
The motivation behind Watt’s interest in health and longevity stems from a personal experience; he lost his mother at the age of 25, when she was just 49 years old. This life event prompted him to reflect on his own mortality.
After the collapse of MoviePass, discussed in the documentary “MoviePass, MovieCrash,” Watt remains committed to innovation, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”