Loudeye Corp. says it has raised $20 million through a private placement of common stock. The Seattle-based digital music company sold more than 10.8 million shares at $1.85 per share to institutional

Loudeye Corp. says it has raised $20 million through a private placement of common stock. The Seattle-based digital music company sold more than 10.8 million shares at $1.85 per share to institutional, strategic and accredited investors.

Loudeye says net proceeds will be used for working capital and general corporate purposes, including expansion of business-to-business services in the U.S. and abroad.

Stock in Loudeye was trading today up 4.35% at $2.23.