Norwegian investor Katapult Ocean is opening a new investment fund with a target of €50 million ($51 million).

Deep Blue fund will be Katapult Ocean's fourth fund, and the funding round is expected a first close this fall, Katapult Ocean Investment Director and Partner Ross Brooks told IntraFish.

About 20 percent of the capital will be invested in new seed investments, and the remainder will go towards follow-on investments in existing holdings.

The fund will target companies in pre-series A to series B financing rounds, with a typical investment size of between €2 million and €5 million ($2 million-$5 million), Brooks said.