The 41-store specialty coffee business is seeking further outlet growth in Barcelona, Madrid, Seville and Valencia and exploring expansion to five new Spanish cities.
Barcelona-based specialty coffee roaster and café chain Syra Coffee is seeking to more than double its footprint in Spain over the next three years.
Founded in 2015 by Yassir Rais, Syra Coffee currently operates 41 small-format sites across eight cities in Spain, with a strong presence in its home city and a growing presence in Madrid, Seville and Valencia.
Syra Coffee is also seeking to open stores in five new cities over the next few years, Rais told Spanish newspaper Expansión.
Syra Coffee has previously received investment from Berlin-based angel investor group 10K Ventures, Spanish start-up investor Decelera and Spanish private equity firm Stellum Capital.
However, the specialty coffee business will self-finance its next phase of expansion.
“Our coffee shops are profitable. As a company, we have achieved break even for much of the year so far and are confident we can consolidate this trend in the short term,” he said.
Syra Coffee posted turnover exceeding €7m ($7.5m) for the first time in 2023 and expects to reach €10m ($10.8m) in revenue in 2024.
World Coffee Portal’s Project Café Europe 2024 research shows the Spanish branded coffee shop market is the eighth largest in Europe with more than 1,740 stores.
Led by international chains McCafé and Starbucks with 253 and 173 sites respectively, the Spanish branded coffee shop market also has a growing specialty segment – with Madrid-based East Crema Coffee and Manola Bakes, as well as small-format chains GoodNews and The Coffee, also seeking to accelerate outlet growth over the next few years.
Source: World Coffee Portal
