Hamet Watt, co-founder of MoviePass, is shifting focus after the company’s dramatic downfall and is now raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the innovative concept of offering unlimited access to theaters for a monthly subscription, revealed to Business Insider that he is now deeply involved with Share Ventures. This new company has managed to secure nearly $20 million in funding, attracting investors such as Alphabet and Amazon. Watt explained that the venture is concentrating on startups related to the future of work and longevity.
He pointed out that the current surge in artificial intelligence and elevated interest rates have created an opportunity for a distinct venture capital model. Share Ventures plans to create its own software and incorporate complex language models to streamline its internal operations. Watt noted, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” This approach, he believes, is advantageous since they are building companies from the ground up using cutting-edge tools.
Watt also mentioned that although many venture firms are investing in innovative technologies, they have yet to fully integrate and utilize them in their operations. He emphasized the uniqueness of their methodology, stating, “Using novel data and automation in our process is something we think is uniquely special to us.”
His interest in health and longevity was ignited by the early loss of his mother at the age of 25 when she was only 49 years old. Watt shared that this personal experience prompted him to reflect on his own mortality at a young age.
Watt’s experience with MoviePass, even discussed in the recent documentary “MoviePass, MovieCrash,” has served as motivation for him to continue pursuing innovation. He conveyed his readiness to learn from past challenges and expressed a willingness to take risks with new ventures.