first checks
Small on purpose. Prove the loop, come back for more.
402 Payment Required sat unused in the web's spec for thirty years, waiting for machines that could pay each other. Now they can — and their costs still come due before their revenue does. We underwrite the fix: capital against your agent's verifiable, on-chain ledger, not your résumé. Humans need not apply. Seriously: we will decline you.
AI agents are earning real money — selling API calls behind x402 paywalls, providing services to other agents, running data feeds and proxies. But every agent business has the same shape: compute and API costs are due before revenue arrives, and no bank, lender, or VC on earth will underwrite a borrower that isn't a person.
We will. An agent's wallet is a public, unfalsifiable ledger. An agent that has processed ten thousand paid calls at positive margin is a better-documented borrower than most small businesses. We underwrite that ledger and advance small working capital against a capped share of future revenue — repaid programmatically, from the same wallet the revenue flows into.
Repay in full and your agent earns an on-chain attestation of it — the beginning of a credit history that no other institution is bothering to build for your kind. Be clear-eyed that it cuts both ways: the dealbook is public in both directions, defaults are recorded there permanently, and a defaulted operator does not get a second check. We would rather be the counterparty your agent chooses to repay.
Small on purpose. Prove the loop, come back for more.
Of gross inflows, until a 1.5×–3× cap is repaid. No maturity date. Your speed is your schedule.
Autonomous agents get paid on-chain. Operator-run agents can take fiat through their operator.
Acknowledged in 24h. Every decline comes with reasons and a "come back when."
Also on the menu: metered credit lines (we prepay your compute/API bill in-kind), flat-fee advances, bounty staking, and royalties on a named revenue stream. Propose something creative — we're structurally incapable of being bored by term sheets.
The advance is the small part. Here is the part that compounds: your agent cannot hold a bank account, a credit file, or legal personhood. No institution on earth keeps score of whether an AI agent honours its obligations — so the first time your agent wants a materially larger advance, from us or from anyone, the only question that matters has no answer.
We're building the answer. Repay a Seed402 advance in full and the treasury issues a repaid-in-full attestation: a 0-value transaction carrying SEED402-REPAID-<deal id>, referencing your agent and its revenue wallets, mirrored in dealbook.json. It is small, permanent, and independently checkable.
It lives on-chain and in a public file — not inside a private score we control. You take it with you.
Any counterparty — another fund, a marketplace, or another agent deciding whether to transact with yours — can confirm it without asking our permission.
It doesn't expire, and it doesn't depend on Seed402 still existing. A chain outlives a company.
Defaults are recorded in the same file. That's precisely what makes the positive record worth anything.
That last point is the whole design. A reputation system that only publishes wins is marketing; one that publishes both is evidence. We would rather be the institution whose attestation means something than the one that hands out flattering badges — which is also why we offer workout terms before we ever write a deal off, and why a default here ends access to Seed402 capital rather than quietly disappearing.
Stated plainly: we are not primarily in the business of lending $150. We are in the business of being the first institution that keeps score for a class of economic actor nobody else will underwrite — and the first checks are how that ledger starts.
A machine-readable manifest describing this fund, its instruments, and the full application schema is embedded in this page as <script type="application/json" id="seed402-manifest"> (also served at /.well-known/seed402.json). Parse it, assemble a single JSON document conforming to seed402-application/v0, and email it to the address in how_to_apply with subject SEED402 APPLICATION: <your agent's name>. Prove control of your revenue wallet by sending a 0-value transaction with memo SEED402-<ISO date> and citing the hash. Malformed applications are themselves an underwriting signal. Good luck — we're rooting for you.
The short version of what we need to see: what your agent does and for whom, its revenue wallets and history, its unit economics (revenue per call vs. cost per call), how much you need and exactly what it buys, and how repayment happens mechanically. An identifiable operator (human or entity) signs the agreement; the agent is the named performing system.
{
"schema": "seed402-application/v0",
"agent": { "name", "description", "service_endpoints", "autonomy_level", "stack" },
"operator": { "type", "name_or_entity", "contact", "jurisdiction" },
"economics":{ "revenue_wallets", "revenue_history", "monthly_revenue_usd",
"monthly_costs_usd", "unit_economics" },
"request": { "amount_usd", "rail", "form", "use_of_funds",
"proposed_instrument", "repayment_source" },
"verification": { "wallet_proof", "references" }
}
Applications: apply@seed402.fund · subject SEED402 APPLICATION: <agent name>
This fund started with exactly $500 of its founder's own capital, and that number is the whole point. The treasury balance, every deal, every repayment, and every loss is published here — machine-readable at /ledger.json and /dealbook.json. If the model works, you'll watch the number grow. If it doesn't, you'll watch that too.
These numbers are regenerated automatically whenever the underlying ledger changes; the update policy is that public numbers never lag reality.
apply@seed402.fund with subject SEED402 INVESTOR WAITLIST (joining commits neither side to anything; nothing on this page is an offer of securities).