Hamet Watt, co-founder of MoviePass, is moving forward from the company’s notable downfall and is in the process of raising funds for a new venture studio aimed at supporting and developing startups.
Watt, who launched MoviePass in 2011 to let movie enthusiasts pay a monthly fee for unlimited theater access, has been actively involved in establishing Share Ventures. The new company has attracted nearly $20 million in funding from investors including Alphabet and Amazon, and it is concentrating on startups related to the future of work and longevity sectors.
He believes that the current environment, influenced by the AI boom and rising interest rates, presents an opportunity for a unique approach in venture capital. Share Ventures plans to create its own software and advanced language models to streamline internal operations.
Watt expressed that smaller investment funds allow for quicker assessment of opportunities 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,” he stated.
He noted that many venture firms may be investing in emerging technologies but fall short of fully utilizing them. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s personal experience with loss has shaped his focus on health and longevity. Having lost his mother at the age of 25, he reflects on how such experiences force individuals to confront their mortality.
His journey with MoviePass, chronicled in the documentary “MoviePass, MovieCrash,” has only fueled his desire to innovate. “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?” he remarked.