Hydrofarm Holdings Group, Inc., a U.S.-based hydroponics equipment and horticultural products maker, announced the completion of a $55 million in equity financing.

This financing included new strategic and institutional investors, as well as follow-on participation from Canadian investment firm Serruya Private Equity, U.S.-based peer Hawthorn Equity Partners, and affiliates of Broadband Capital.

The hydroponics market is rapidly evolving and this capital raise allows Hydrofarm to fund and pursue strategic growth opportunities, including expanding its distribution capabilities and enhancing its product offerings and service capabilities to satisfy the needs of its growing customer base.

Hydrofarm said that this financing provides it with the financial flexibility to continue to grow the business both organically and through acquisitions.