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’s CEO raised ethical questions about a staff member’s move to Cognition.

That episode put Frankel’s dual position on display. When an investor sits behind both companies in a talent fight, observers inevitably ask whose side he is on.

More than a check writer

Frankel blends private investment with hands-on operational help. That includes recruiting talent and mentoring founders, often drawing on his ties to elite academic institutions.

One pipeline stands out in particular. Frankel recruits heavily from the International Olympiad in Informatics, a competitive programming contest for top students.

More than a quarter of the US team’s members are connected to his network.

This is where the conflict question gets sharper. An investor who helps place talent is shaping more than balance sheets.

If that investor also funds rival companies, every hiring decision carries an extra layer of doubt. A founder could reasonably wonder whether the best candidates are being routed elsewhere.

Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.