(Forbes) - The venture capital fund Sonoma Brands has launched one of its companies, Smashmallow, as a freestanding entity and named food industry finance veteran David Lacy as CEO. Smashmallows are snackable marshmallows. They will be distributed through Target stores next month. Already on the shelf: Smashcrispies. 

Sonoma Brands also announced the closing of their second fund, some $60 million, aimed at continuing their investments in "game-changing, high-growth" consumer brands. They will no longer be exclusively  "incubators" but will take minority positions in up-and-coming companies.