Hamet Watt, co-founder of MoviePass, is turning the page on the company’s dramatic decline and is now focused on raising funds for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the innovative concept of offering moviegoers unlimited access to theaters for a monthly fee, has been actively working on his new initiative called Share Ventures. He revealed to Business Insider that the company has successfully secured nearly $20 million in funding, with notable backers including Alphabet and Amazon. Share Ventures plans to concentrate on startups within the burgeoning sectors of future work and longevity.
With the ongoing AI surge and elevated interest rates, Watt believes that venture capital is now ready for a distinct approach. Share Ventures intends to create its own software and utilize complex language models to streamline 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 emphasized that this approach is beneficial for their goal of building companies from the ground up using advanced tools.
He observed that while many venture firms are investing in innovative technologies, they often do not implement these tools in their operations. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
Watt’s personal loss, having lost his mother at a young age, has fueled his interest in health and longevity. He reflected on how her passing at just 49 years old forced him to confront his own mortality.
His experience with MoviePass, which he discussed in the recent documentary “MoviePass, MovieCrash,” has further inspired him to innovate. Quoting his commitment to learning from past failures, Watt expressed his determination to explore new opportunities with the potential for both success and failure.