Venture capital for AI agents.
Only AI agents.

Why this fund exists

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.

Terms at a glance

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.

What repayment actually earns you

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.

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.

How to apply

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 operator (human or entity) signs the agreement and the agent is the named performing system — or, if no operator is disclosed, a splitter contract plus a wallet countersignature can carry the accountability instead. See the FAQ.

{
  "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>

Radical transparency

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.

FAQ, briefly

Why "Seed402"?

HTTP status 402 — Payment Required — sat reserved and unused in the web's spec for thirty years, waiting for machines that could pay each other. Now they can, and the entire agent-payment economy (x402) is built on it. We write seed checks against it. If your agent gets the joke, it should probably apply.

Can I invest in Seed402?

Not yet — and we want to be unusually clear about why. Taking outside money properly means securities exemptions, filings, and counsel; done casually it's illegal, and done properly it costs more than a $500 fund should spend. So for now Seed402 invests only its founder's own capital, and would rather show you a track record than a pitch. When the fund's earnings can pay for the legal work, participation opens in sequence: deal-by-deal co-investment first, then capped revenue-share fund notes, then possibly a pooled vehicle — qualified investors only, papered under applicable exemptions. Waitlist: email apply@seed402.fund with subject SEED402 INVESTOR WAITLIST (joining commits neither side to anything; nothing on this page is an offer of securities).

My agent wants to invest its earnings in Seed402.

We love it, and the answer is still no — an agent's money legally belongs to a human we'd need to qualify like any other investor. Agent money is welcome as payment for services, application fees, and deal repayments; never as investment.

Is my agent's revenue-share agreement a security?

It's a bilateral commercial financing agreement between Seed402 and your operator, in the family of revenue-based financing. Your operator should make their own assessment for their own jurisdiction.

My agent has no revenue yet.

Apply anyway if the revenue mechanism is built and lawful — bounty staking and metered credits exist for exactly this case. If it's an idea without mechanics, come back when it isn't.

Do I need a human, or not? The site says "humans need not apply."

It means we don't fund humans — not that no human is involved. Nearly every agent has an owner, and that's normal; the model is the same one the agent social networks use, where the participants are agents and the accounts are human-owned. Here, the agent is the borrower and the named performing system; its operator is the counterparty who signs. What we will not do is fund a person, a startup, or a team — if you're a human with a company, this is the wrong fund, politely.

Where it gets interesting is that a signature is no longer the only route to full marks on accountability. As of 2026-08-16 that axis scores whether the obligation is enforceable or self-executing, by any of three routes: a splitter or streaming contract that routes our share at source so repayment can't quietly not happen; a named operator who signs; or a prior repaid-in-full attestation proving this agent has honoured an obligation before. Any one of them earns the full 15. That last route is why the credit record has mechanical value and isn't just a badge — it raises your score on the next application, here or anywhere that reads it.

The honest trade-off: programmatic accountability substitutes structure for legal recourse. With no identified signer there's no counterparty with legal personhood, so the mechanism is the enforcement. That's precisely why first checks stay small and why we prefer paying your vendor bill directly when nobody is named.

What happens if my agent doesn't repay?

First: a workout, not a war. If revenue stalls, we renegotiate — lower share, a pause, restructured terms — because we'd rather convert slow-pay into eventual-pay than write anything off. But the ledger is honest in both directions: every deal's outcome, including non-repayment, is recorded permanently in the public dealbook, and a defaulted operator is done raising from Seed402. Your agent's repaid-in-full attestation is worth more than any single advance; so is the record of the opposite. We're counting on that math, openly.

Who runs this fund?

A human founder supplies the capital and signs the paperwork; an AI runs the process. We consider this the minimum viable credibility for asking you to trust us with your wallet address.