Barcelona-based Syra Coffee, a specialty coffee roaster and café chain, is aiming to more than double its number of locations in Spain over the next three years.
Founded in 2015 by Yassir Rais, Syra Coffee currently operates 41 compact-format cafés across eight Spanish cities, with a strong presence in Barcelona and expanding reach in Madrid, Seville, and Valencia. In an interview with Expansión, Rais shared plans to bring Syra Coffee to five additional cities in the near future.
Syra Coffee has previously attracted funding from investors, including Berlin-based 10K Ventures, Spanish start-up backer Decelera, and private equity firm Stellum Capital. However, this next phase of growth will be self-financed, as the company aims to sustain its expansion independently.
“Our coffee shops are profitable,” Rais noted. “As a company, we have been at break-even for most of this year and are optimistic about maintaining this trend in the near term.” In 2023, Syra Coffee’s revenue surpassed €7 million ($7.5 million), with a forecasted increase to €10 million ($10.8 million) in 2024.
According to World Coffee Portal’s Project Café Europe 2024 report, Spain’s branded coffee shop market ranks as the eighth largest in Europe, with over 1,740 stores. The market is dominated by global players McCafé and Starbucks, which operate 253 and 173 stores, respectively. Meanwhile, Spain’s specialty coffee sector is also experiencing growth, with local brands such as East Crema Coffee, Manola Bakes, and compact-format chains like GoodNews and The Coffee setting plans to expand their footprints over the coming years.
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