Dow Protocol, an RWA platform for e-commerce operating working capital financing, has closed a $10.5 million seed round, with participation from MH Ventures, Mapleblock Capital, and Animoca Brands.

According to official announcements, e-commerce working capital financing RWA platform Dow Protocol has completed a $10.5 million seed funding round, co-led by MH Ventures and Mapleblock Capital, with participation from Animoca Brands, Arcane Group, Hashkey Chain, Essentia Partners, and Quartet Group. Dow Protocol serves merchants of leading global e-commerce platforms, providing working capital financing based on their sales receivables and real operational data. Its underlying asset service system is integrated into mainstream e-commerce platforms, enabling direct access to merchants’ raw operational data for credit assessment and risk control. Additionally, via partnerships with these platforms, repayments are deducted directly from the platform side, bypassing merchant accounts, mitigating repayment risks at the source and building an industry-leading collection mechanism. On the capital side, Dow Protocol leverages stablecoins’ instant settlement capabilities to cut traditional lending’s lengthy disbursement process to as fast as same-day arrival. For the cash-flow-sensitive working capital market, disbursement speed is a value in itself, so market participants are willing to pay a premium for this efficiency. Meanwhile, Dow Protocol advances a native on-chain logic for working capital financing, enabling highly granular, programmable execution of financing terms and redefining the underlying operational logic of supply chain finance. Dow Protocol positions itself as a universal pan-e-commerce PayFi RWA financing protocol, with a framework scalable to meet supply chain financing needs across multiple sectors including e-commerce, food and beverage, payments, gaming, and AI computing power.