The co-founder of MoviePass is transitioning from the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Hamet Watt, who launched MoviePass in 2011 with the innovative concept of offering moviegoers unlimited theater access for a monthly fee, has been actively involved with Share Ventures. This new enterprise has nearly secured $20 million in funding, with notable investors including Alphabet and Amazon. Watt indicated that the venture is concentrating on startups in the realms of future work and longevity.
He believes that the current landscape of venture capital, influenced by the rise of AI and elevated interest rates, is ideal for a distinctive business model. Share Ventures plans to create its own software and sophisticated language models to streamline internal 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 employing the most advanced tools proactively.”
He noted that while many venture firms are channeling investments into new technologies, few are fully integrating and utilizing these advancements themselves. “Using novel data and automation in our process is something we think is uniquely special to us,” he commented.
Watt’s interest in health and longevity stems from a personal tragedy; he lost his mother when he was just 25 years old, as she passed away at the age of 49. This experience prompted him to reflect on his own mortality, influencing his current focus.
He also mentioned that his past experiences with MoviePass, highlighted in the recent documentary “MoviePass, MovieCrash,” have only fueled his desire to continue innovating. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he said.