The co-founder of MoviePass, Hamet Watt, is moving on from the company’s significant downfall and is now seeking funding for a new venture studio aimed at developing and financing startups.
Watt, who started MoviePass in 2011, which allowed moviegoers unlimited theater access for a monthly fee, has been actively working on Share Ventures. The new company has raised nearly $20 million in funding, with major backers including Alphabet and Amazon. Watt stated that Share Ventures is concentrating on startups related to the future of work and health longevity.
He believes that the current climate of rapid advancements in artificial intelligence and rising interest rates presents a favorable landscape for venture capital that requires a “differentiated model.” To this end, Share Ventures is developing its software and employing sophisticated language models to enhance its internal operations.
Watt remarked, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much less capital.” He expressed enthusiasm for building companies from the ground up using state-of-the-art tools.
Watt also highlighted that many venture firms are investing in new technologies but are not fully integrating them into their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he noted.
His personal experience with loss has inspired him to focus on health and longevity. After losing his mother at a young age, he reflected on how such an event can prompt one to contemplate their own mortality.
Watt’s past struggles with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” have only fueled his desire to innovate further. He mentioned pondering, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”