MoSync ponders a 11m Euro term sheet for its mobile apps platform

MoSync is a Swedish company which aims to create tools for mobile developers which allow them to do that mythical ‘write once and run many’ thing with mobile applications so that they will work across any platform.

Of course, we all know what Apple thinks about Flash apps being converted to run that way, but this is not about to deter MoSync .

Or, it appears, their potential investors. For we have heard on the grapevine that MoSync is entertaining terms sheets for a 11m Euro ($14 million) financing round.

Swedish blog is reporting that MoSync was looking at 50 million in Swedish Krona, which is about 5 million Euro.

However, having spoken to our sources at the company we’ve learned that they have a term sheet on the table for 11 million Euros from a “a big EU/Nordic investor” and are about to go on a roadshow to London and elsewhere to see what other VCs have to offer. In addition, we hear the deal is likely to go out to syndication.

Last year the company received a smaller financing round from MySQL founders David Axmark and Michael Widenius, who invested 5 million Krona. Chairman of the board is John Wattin, previously chairman of MySQL.

A recent Gartner report named MoSync as a “Cool Vendor”. MoSync was started in 2004 and incubated out of Stockholm’s prestigious Royal Institute of Technology.