# WhiteGreyBlack

WhiteGreyBlack is a Private Equity based in Munich, Germany.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Munich, Germany
- **Region:** Europe
- **Address:** Munich, Germany
- **Founded:** 2018
- **Assets under management:** <€100 million (Altss estimate)
- **Website:** whitegreyblack.com

## Regulatory record

- **Reports private funds:** No

## About

WhiteGreyBlack is a private equity firm based in München, Germany. It focuses on buyout investments. The firm is headquartered there.

## Sectors

- Enterprise Software
- AI/ML
- Digital Health
- Industrial Tech

## People

- Jörg Tübinger — Managing Partner & Founder
- Dr. André Schwämmlein — Managing Partner & Co-Founder
- Daniel Märklin — Partner

## Questions

### Who makes investment decisions at WhiteGreyBlack?

Jörg Tübinger, André Schwämmlein, and Daniel Märklin form the investment committee. Tübinger and Schwämmlein co-founded FlixBus and bring operating experience to underwriting. Märklin joined from Project A Ventures, where he sourced and executed early-stage B2B software deals across the DACH region.

### How did WhiteGreyBlack originate, and where does the capital come from?

Tübinger and Schwämmlein seeded the firm with personal liquidity from scaling FlixBus to a multi-billion-euro valuation. They have since opened the vehicle to a small circle of DACH-based LPs, primarily other technology founders and a Munich-based family office that joined as a co-investment partner in 2023.

### Does WhiteGreyBlack run a traditional blind-pool fund, or does it invest through a different structure?

WhiteGreyBlack does not operate a conventional blind-pool fund. It deploys capital through deal-by-deal syndications and segregated accounts, giving the partnership flexibility on hold periods and avoiding the pressure to deploy on a fixed cycle. This structure mirrors the permanent-capital approach common among European single-family offices more than standard private equity firms.

### What does WhiteGreyBlack look for in a target company?

The firm targets profitable DACH-headquartered B2B software and tech-enabled service companies with €3–30 million in revenue. It seeks majority control, but requires founders to retain a material minority stake and remain in operating roles. Sectors include enterprise software, AI/ML, digital health, and industrial technology.

### How is WhiteGreyBlack distinct from other DACH small-cap buyout firms?

The founding partners are among very few DACH buyout investors who built and exited a category-defining technology company themselves — FlixBus — before entering private equity. They bring operator credibility into diligence and post-acquisition strategy. That background makes the firm's pitch to founder-sellers different from a traditional financial sponsor: they position as co-entrepreneurs scaling the business, not financial engineers.

### Does the firm invest outside Germany, Austria, and Switzerland?

No. WhiteGreyBlack invests exclusively in the DACH region, where the partners have deep networks from the FlixBus build-out and Märklin's venture investing career. Portfolio companies are encouraged to expand internationally post-acquisition, but the firm sources and structures only DACH-headquartered deals.

## Related profiles

- [White Hibiscus Capital](https://altss.com/profile/white-hibiscus-capital)
- [Whitehart Ventures](https://altss.com/profile/whitehart-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/whitegreyblack

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