Secretive investor behind Ramp and Cognition raises conflict concerns

Most venture investors want their names on press releases. Zach Frankel appears to prefer the opposite. The Miami-based solo angel wrote early checks into two of the hottest companies in tech, Ramp and Cognition. He has also funded hundreds of other startups, including AI companies that compete directly with each other. That last detail is now drawing scrutiny. A quiet portfolio with loud numbers Frankel works alone, without a big-name fund behind him. Even so, the companies in his portfolio carry a combined valuation of more than $185 billion. Those holdings include Ramp, Cognition, Applied Compute and Together AI. Ramp and Cognition account for a large share of that total. Ramp raised $1.85 billion in October 2026 at a $60 billion valuation. In June 2026, the company had been valued at $44 billion. Cognition, meanwhile, was valued at $48 billion as of September 2026. Together, the two companies are worth $108 billion, well over half of the portfolio’s combined figure. The Factory dispute The friction centers on Factory, another AI startup in Frankel’s portfolio. Factory competes with Cognition. Between late September and October 2026, the rivalry spilled into public view. Factory...