San Diego-based Slacker has raised $40 million in Series B funding, led by Centennial Ventures and Rho Ventures, and repeat investment from Austin Ventures, Mission Ventures and Sevin Rosen Funds.

This comes on top of a $14.5 million Series A round announced earlier this year. 

PEHub points out that Last.fm raised $5 million, and was subsequently sold to CBS for $280 million (not a bad flip), so how much will Slacker flip for?

Of course Slacker's ambitions are a bit higher, combining their online player, desktop radio and soon a Wifi enabled Slacker Portable and a satellite powered car dock.

So judging by what Slacker wants to do, I think this will be the first in many cash infusions for the company.

[PEHub via Mashable]