Chicago tech company BigTime Software has raised a new round of funding as it grows its B2B billing software business.

BigTime Software announced Thursday that it raised $14 million in a round led by Boston-based private equity firm Wavecrest Growth Partners, with participation from MassMutual Ventures and Migration Capital.

The tech company, which has offices in the Loop, has now raised more than $17 million to date. In 2011, BigTime raised a $2.7 million Series A round from investors, such as Runa Capital and LTC Partners, according to Crunchbase.

Founded in 2002 by University of Chicago alum Brian Saunders, BigTime Software provides its more than 2,000 clients with a platform that allows them to monitor and manage their finances through budgeting, tracking and invoicing.

Saunders said in a statement that BigTime decided to raise this second round of venture capital funding because it was struggling to keep up with the demand for its software. The new financing will be used to add to the company’s executive team, grow its sales and marketing teams, and further develop its software.

“During our more than 50 discussions with investment firms, Wavecrest was a clear standout in terms of both their transparency as well as their deep knowledge around scaling companies like ours,” Saunders said. “They just got it—understood our position, and what we needed to do operationally.”