The co-founder of MoviePass is moving forward from the company’s dramatic downfall and is now raising funds for a new venture studio designed to support and develop startups.
Hamet Watt, who co-founded MoviePass in 2011 with the concept of providing moviegoers unlimited access to theaters for a monthly fee, informed Business Insider that he has been actively involved with Share Ventures.
The new venture has raised nearly $20 million, attracting investments from major players like Alphabet and Amazon. Watt revealed that Share Ventures is concentrating on startups in sectors focused on the future of work and longevity.
He believes that the current landscape, influenced by the AI surge and elevated interest rates, is ideal for a “differentiated model” in venture capital. As a result, Share Ventures is developing its own software and complex language models to streamline internal operations, as reported by Business Insider.
Watt emphasized that smaller funds can now effectively identify opportunities earlier with less capital, which benefits their strategy of building companies from the ground up while utilizing advanced tools.
He remarked that while many venture firms are investing in new technologies, they often do not integrate or implement them in their processes.
“Employing novel data and automation is something we think is uniquely special to us,” Watt stated.
His interest in health and longevity was sparked by the loss of his mother at the age of 25, who passed away at just 49.
“Experiencing the death of a parent at a young age forces one to confront their own mortality in a way that may not have been fully realized before,” he explained.
Watt’s experiences with MoviePass, discussed in the documentary “MoviePass, MovieCrash,” only fueled his desire to continue innovating.
He reflected, “What have I learned, and what do I have the courage to attempt now — even if it leads to failure, it could also lead to success?”