The Alicante-based coffee chain also said its capital market debut and new investment will enable it to grow from eight stores to 50 outlets by the end of 2024
Vanadi Coffee currently operates 10 stores and is seeking to reach 25 outlets by the end of 2023 | Photo credit: Vanadi Coffee
Vanadi Coffee has outlined new outlet and sales growth targets after joining BME Growth, a Madrid-based capital market for SMEs.
Alicante-based Vanadi Coffee is the first Spanish coffee chain to be listed on the BME market, with a valuation of €20.1m ($22m).
CEO Vincent Terol said Vanadi Coffee is eyeing €15m ($16.7m) annual revenues and has received new investment to pursue growth opportunities.
Founded in 2019, Vanadi Coffee currently operates 10 stores in Alicante. The coffee chain is seeking to reach 25 outlets within the next six months and 50 sites by the end of 2024. Outlet growth will initially focus on Levante, the eastern region of the Iberian Peninsula, before pivoting to Spain’s larger cities.
“The IPO represents a very significant milestone for us, as it provides us with new opportunities for growth and development. Thanks to this important step, we have managed to sign a financing agreement with an investment fund that will support us in the coming years. This agreement will allow us to access a total of €10m ($11.1m),” Terol said.
The total Spanish branded coffee shop market is the eighth largest in Europe with approximately 1,400 outlets. World Coffee Portal research forecasts the market will reach 1,570 stores by 2028.
In July 2023 it was reported that Restaurant Brands Iberia (RBI), which operates 15 Tim Hortons stores in Spain, was preparing an IPO on the Madrid Stock Exchange for the second half of 2024.
The restaurant group, which also operates fast-food chains Burger King and Popeyes in Spain and Portugal, is seeking a €2.4bn ($2.7bn) valuation, according to Spanish news outlet Expansion.