The co-founder of MoviePass is moving forward from the company’s dramatic downfall by launching a new venture studio aimed at developing and funding startups. Hamet Watt, who founded MoviePass in 2011 with the concept of offering moviegoers unlimited theater access for a monthly fee, has been focused on his new company, Share Ventures.
Watt disclosed to Business Insider that Share Ventures has raised nearly $20 million in funding from notable investors, including Alphabet and Amazon. The new firm will concentrate on startups in the areas of future work and longevity.
He believes that the current AI boom coupled with elevated interest rates creates a favorable environment for a differentiated venture capital model. To streamline its operations, Share Ventures plans to develop its own software and utilize advanced language models to automate internal processes.
“You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital,” Watt explained. He emphasized the importance of building companies from the ground up using cutting-edge tools.
Watt noted that while many venture firms are investing in emerging technologies, they often do not fully integrate or utilize these innovations in their practices. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
His personal experience with loss has also influenced his focus on health and longevity; he lost his mother at the young age of 25, a tragedy that prompted him to reflect on mortality. “When you lose your mom at a young age, it forces you to think about your own mortality,” he remarked.
Despite his previous struggles with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt remains determined to innovate. He reflected on the lessons learned from that experience, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”