The co-founder of MoviePass, Hamet Watt, is embarking on a new journey after the company’s dramatic decline. He is raising capital for a new venture studio aimed at developing and funding startups.
Watt, who launched MoviePass in 2011 on the premise of providing unlimited theater access for a monthly fee, has been actively working on Share Ventures. The new company has raised nearly $20 million with backing from notable investors, including Alphabet and Amazon. Watt’s focus lies in the realms of future work and longevity startups.
He believes that the current landscape of venture capital, characterized by the rise of artificial intelligence and high interest rates, is favorable for a “differentiated model.” Share Ventures plans to create its own software and utilize complex language models to streamline its operations, allowing for earlier investment signals with less capital.
“Watt emphasized that many venture firms are investing in emerging technologies but aren’t fully integrating or utilizing them in their operations,” he remarked.
His interest in health and longevity is deeply personal; Watt lost his mother at the age of 25 when she was only 49. This experience has influenced his outlook on mortality and innovation.
“My past experiences have driven me to explore what I can create now, even if there’s a chance of failure,” he stated, reflecting on his journey after MoviePass, which he discussed in the documentary “MoviePass, MovieCrash.”