The co-founder of MoviePass is moving on from the company’s notable downfall to raise funds for a new venture studio aimed at supporting startups. Hamet Watt, who launched MoviePass in 2011 with the innovative concept of offering unlimited theater access for a monthly fee, is now focused on Share Ventures.
The new company has raised nearly $20 million in funding, backed by investors including Alphabet and Amazon. Watt emphasized that Share Ventures is concentrating on startups in the areas of future work and longevity.
He believes that the current landscape, influenced by the AI boom and rising interest rates, creates an opportunity for a distinct venture capital model. This has led Share Ventures to develop its own software and complex language models to enhance internal operations.
Watt shared that access to venture capital does not require significant funds and that it’s possible to identify opportunities earlier with less investment. He expressed that this approach benefits their mission of building companies from the ground up using the latest tools.
He noted that while many venture firms are investing in new technologies, they often do not fully integrate or utilize them in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” Watt stated.
His interest in health and longevity was ignited by the early loss of his mother, who passed away at just 49. He remarked that such a personal tragedy forces one to confront their own mortality.
Watt reflects on his experience with MoviePass, as detailed in the documentary “MoviePass, MovieCrash,” which has only fueled his desire to innovate. He is determined to explore new ventures, fully aware of the potential for both success and failure.