Social music recommendation service Last.fm has just announced completion of first round venture financing. Last.fm uses a combination of web tagging and media player plug-ins to link listeners with music. The size of the financing round is unknown but sources say the cash on hand will be used to expand Last.fm's offerings, and broaden the scope of it's negotiations with the larger music industry.

A complex system of tagging and tracking the listening habits of Last.fm users gives Last the ability to suggest, with reasonably high probability, music you may be interested in after establishing what music you already like. "Music discovery at Last.fm is community-driven and based on social recommendations, not subjective analysis or editors, just what people listen to," said Felix Miller, co-founder and CEO, Last.fm.

Last.fm has enjoyed a huge rise in popularity since fall of 2005, and currently recognizes over 40 million unique "tracks", all through user submission.