The co-founder of MoviePass, Hamet Watt, is embarking on a new venture after the company’s dramatic downfall. He is currently raising funds for his startup studio, Share Ventures, which aims to support the development and financing of emerging startups.
Watt, who launched MoviePass in 2011, a service that allowed moviegoers to enjoy unlimited theater access for a monthly fee, has shared that Share Ventures has already secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. The focus of the new venture will be on startups that operate within the realms of future work and longevity.
He believes that the current landscape, shaped by the rise of artificial intelligence and high interest rates, creates an opportunity for a unique investment model. Share Ventures plans to integrate its own software and complex language models to streamline internal operations. Watt explained, “You don’t need as large of funds, and you can gain insights into opportunities much earlier with significantly less capital.”
Watt also noted the distinction of his firm: “A lot of venture firms are investing in new technologies, but they’re not fully embracing or utilizing them.” He emphasized the importance of incorporating innovative data and automation into their investment processes, which he views as a distinctive advantage.
Watt’s interest in health and longevity was ignited by a personal tragedy; he lost his mother at just 25 years old. Her passing at the age of 49 prompted him to reflect deeply on mortality. “Losing my mom at a young age forced me to confront my own mortality in ways I wasn’t previously aware of,” he remarked.
Despite the setbacks faced by MoviePass, which he discussed in the recent documentary “MoviePass, MovieCrash,” Watt remains determined to continue innovating. He stated, “What have I learned, and what do I have the courage to pursue now — whether it leads to failure or success?”