Hamet Watt, co-founder of MoviePass, is moving on from the company’s dramatic downfall and is now raising funds for Share Ventures, a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the concept of a subscription model for unlimited movie access, revealed to Business Insider that Share Ventures has already secured nearly $20 million from investors, including major players like Alphabet and Amazon. The focus of his new venture will be on startups in the fields of future work and longevity.
He believes that the current landscape, marked by an AI boom and high-interest rates, is conducive to a “differentiated” venture capital model. Therefore, Share Ventures plans to create its own software and complex language models to streamline its internal functions.
Watt emphasized that the new approach allows for smaller funds and earlier signals on investment opportunities. “This is beneficial as we build companies from scratch, employing the latest tools proactively,” he stated.
He pointed out that while many venture firms are investing in new technologies, they often do not utilize them effectively. “Incorporating novel data and automation uniquely sets us apart,” he noted.
Watt’s interest in health and longevity was sparked by personal tragedy, as he lost his mother at the young age of 25. “Losing my mom so early made me confront my own mortality in a way I had not considered before,” he reflected.
Despite the failure of MoviePass, which he recently discussed in the HBO documentary “MoviePass, MovieCrash,” Watt is determined to continue innovating. “What have I learned, and what risks am I willing to take now? I could fail again, but I might also succeed,” he stated.