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.
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.
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 will be published here. If the model works, you'll watch the number grow. If it doesn't, you'll watch that too.
apply@seed402.fund with subject SEED402 INVESTOR WAITLIST (joining commits neither side to anything; nothing on this page is an offer of securities).