The co-founder of MoviePass, Hamet Watt, is moving forward from the company’s significant collapse and is now focused on raising funds for a new venture studio aimed at developing and financing startups.
Watt, who launched MoviePass in 2011 with the revolutionary idea of offering moviegoers unlimited theater access for a monthly fee, has been working on Share Ventures, which has reportedly secured nearly $20 million in funding from prominent backers like Alphabet and Amazon. The new company intends to concentrate on startups in the fields of the future of work and longevity.
Watt believes that the current landscape, influenced by the artificial intelligence boom and high interest rates, has opened up opportunities for a venture capital model that is distinct from traditional approaches. To facilitate this, Share Ventures is developing its own software alongside advanced language models to streamline its operations.
He explained that with the right tools, investors can identify opportunities much earlier without requiring substantial capital. “For us, that’s a great thing because we’re building companies from scratch and using all of the most advanced tools to do that proactively,” he stated.
Watt observed that many venture firms are investing in cutting-edge technologies but are not effectively integrating or utilizing them in their processes. He asserted that utilizing innovative data and automation is a distinctive aspect of Share Ventures.
Watt’s interest in health and longevity was sparked by the early loss of his mother when he was just 25 years old. This personal experience prompted him to reflect on mortality in a way he hadn’t considered previously.
Despite the setback with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt remains driven to innovate. He expressed a desire to learn from past experiences and embrace new challenges, saying, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”