The co-founder of MoviePass is embarking on a new journey after the company’s notable collapse by launching a venture studio aimed at developing and funding startups.
Hamet Watt, who co-founded MoviePass in 2011 with the innovative concept of unlimited movie theater access for a monthly fee, is now focusing on his new enterprise called Share Ventures. In an interview with Business Insider, Watt revealed that he has raised nearly $20 million in funding, with prominent backers including Alphabet and Amazon. The new venture is targeting startups within the fields of future work and longevity.
Watt believes the current landscape, shaped by the rise of artificial intelligence and elevated interest rates, has created an opportunity for a unique venture capital approach. Share Ventures is not only developing its own software but also employing sophisticated language models to enhance its operations, as reported by Business Insider.
He emphasized that smaller funds can now yield insights into promising opportunities faster and with less 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,” Watt stated.
Despite the challenges faced at MoviePass, Watt remains undeterred and is eager to innovate. He noted that many venture firms are investing in new technologies but aren’t fully utilizing them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he pointed out.
Watt’s personal experiences have also influenced his focus on health and longevity since losing his mother at a young age. “When you lose your mom at a young age, it forces you to think about your own mortality,” he reflected.
His past experiences, including the downfall of MoviePass, inspire him to take risks and pursue new ventures. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he concluded.