Hamet Watt, a co-founder of MoviePass, is moving forward after the company’s notable decline and is now raising funds for a new venture studio aimed at supporting the development and financing of startups.
Watt, who co-founded MoviePass in 2011 to revolutionize how moviegoers access theaters with a monthly subscription model, announced to Business Insider that he is actively engaged with Share Ventures.
The new venture has raised nearly $20 million in funding from investors including Alphabet and Amazon. Watt indicated that Share Ventures aims to target startups in the areas of future work and longevity.
He believes that the current AI surge, coupled with high interest rates, has created an environment where venture capital is seeking a “differentiated model.” Accordingly, Share Ventures is developing its own software alongside advanced language models to streamline its internal processes, as reported by Business Insider.
Watt stated, “You don’t need as large of funds, and you can get signal on an opportunity much earlier with much 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 noted that many venture firms are investing in new technologies but are not fully integrating or utilizing them in their processes. “Using novel data and automation in our process is something we think is uniquely special to us,” he added.
Watt’s interest in health and longevity was intensified by personal loss; he lost his mother at the age of 25 when she was 49. This experience prompted him to contemplate life’s fragility in ways he previously hadn’t understood.
Reflecting on his time with MoviePass, which he elaborated on in the documentary “MoviePass, MovieCrash,” Watt expressed that his past experiences drive him to continue innovating despite the potential for failure. He stated, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”