Hamet Watt, co-founder of MoviePass, is embarking on a new journey following the company’s notable decline, as he works on raising funds for a venture studio aimed at developing and supporting startups.
Watt, who introduced the concept of a monthly subscription for unlimited movie theater access with the founding of MoviePass in 2011, is now focused on his new endeavor, Share Ventures. He has already amassed nearly $20 million in funding, with major investors including Alphabet and Amazon. The new venture will concentrate on startups within the future of work and longevity sectors.
He believes the recent AI surge and elevated interest rates have created favorable conditions for a unique venture capital approach. Share Ventures plans to develop its own software and sophisticated language models to streamline its 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 emphasized the importance of building companies from the ground up using advanced tools.
Watt noted that while many venture firms are investing in new technologies, they often fail to integrate and utilize them effectively. He stated, “Using novel data and automation in our process is something we think is uniquely special to us.”
Watt’s pursuit of health and longevity is deeply personal, stemming from the loss of his mother when he was just 25, an experience that prompted him to contemplate his own mortality. He shared, “When you lose your mom at a young age, it forces you to think about your own mortality in a way that I don’t know that I was conscious of at the time.”
Reflecting on his experience with MoviePass, which he recently explored in the documentary “MoviePass, MovieCrash,” Watt expressed a resolve to continue innovating, stating, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”