Hamet Watt, co-founder of MoviePass, is moving forward from the company’s significant downfall and is seeking funding for a new venture studio aimed at developing and supporting startups.
Watt, who launched MoviePass in 2011 with the concept of allowing moviegoers to pay a monthly fee for unlimited access to theaters, has been focusing on his new venture, Share Ventures. He revealed to Business Insider that the company has already secured nearly $20 million in funding from notable investors, including Alphabet and Amazon. Share Ventures plans to concentrate on startups related to the future of work and longevity sectors.
Watt believes that the current landscape, characterized by the AI boom and elevated interest rates, creates an opportunity for a distinct venture capital model. To address this, Share Ventures is developing its own software and employing advanced language models to streamline its operations. Watt noted, “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 pointed out that while many venture firms are investing in new technologies, they often do not fully integrate or utilize them. “Using novel data and automation in our process is something we think is uniquely special to us,” he stated.
Watt’s interest in health and longevity was sparked by a personal tragedy; he lost his mother at just 25 years old when she was only 49. This loss has profoundly impacted his perspective on life and mortality. “When you lose your mom at a young age, it forces you to think about your own mortality in a way that I don’t know I was conscious of at the time,” he reflected.
Watt’s experience with the failure of MoviePass, a subject he discussed in the documentary “MoviePass, MovieCrash,” has only strengthened his resolve to innovate. He expressed, “What have I learned, and what do I have the guts to go out now and try — and maybe fail, but maybe succeed?”