The co-founder of MoviePass is moving on from the company’s dramatic downfall and is now focused on raising funds for a new venture studio aimed at supporting the development of startups.
Hamet Watt, who launched MoviePass in 2011 with the concept that moviegoers could pay a monthly subscription for unlimited theater access, has been actively working on Share Ventures. The venture has successfully secured nearly $20 million in funding from backers that include tech giants Alphabet and Amazon. Watt revealed that the company will concentrate on startups in the fields of future work and longevity.
According to Watt, the current landscape shaped by the AI surge and high interest rates has created a favorable environment for a “differentiated model” in venture capital. Share Ventures plans to develop its own software along with advanced language models to streamline its internal operations. He emphasized that this approach allows for faster identification of opportunities with less capital investment.
Watt pointed out that many venture firms are pouring funds into emerging technologies but often fail to incorporate and utilize them effectively. He believes that leveraging innovative data and automation in the venture-building process sets Share Ventures apart from its competitors.
His personal experiences, particularly the loss of his mother at a young age, have fueled Watt’s interest in health and longevity. This life-changing event has led him to contemplate mortality in ways that have shaped his current pursuits.
Reflecting on his past with MoviePass, which he discussed in the documentary “MoviePass, MovieCrash,” Watt expressed his determination 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?”