Hamet Watt, co-founder of MoviePass, is embarking on a new journey following the company’s dramatic downfall. He is raising funds for a new venture studio named Share Ventures, which aims to develop and finance startups.
Watt, who launched MoviePass in 2011 to offer moviegoers unlimited access to theaters for a monthly fee, indicated to Business Insider that Share Ventures has nearly secured $20 million in funding with investors that include major players like Alphabet and Amazon. The new venture will focus on startups in the fields of future work and longevity.
He expressed that the current market conditions, including the AI boom and elevated interest rates, have created a favorable environment for unique venture capital models. Share Ventures plans to develop its own software and complex language models to streamline its internal operations, thereby enabling them to gauge investment opportunities more effectively with less capital.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt noted. He believes this approach allows them to build companies from the ground up using advanced tools proactively.
Watt emphasized that many venture firms are investing in emerging technologies but are not fully implementing them within their processes. He 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 personal tragedy; he lost his mother at the young age of 25. This loss prompted him to consider his own mortality, influencing his professional focus.
Reflecting on his experience with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt shared that the lessons learned during that time fuel his desire to continue innovating. He remarked on the dual possibility of failing or succeeding in his new venture, highlighting his determination to persevere.