Sport england is to double British Cycling's funding from 2009 to 2013. The 96 per cent increase on the previous funding period (2005 - 2009) is the second highest increase out of each of the eligible 46 sports also given financial help.
The cash injection was awarded following a bid by British Cycling for the funds.
£480 million in total was distributed among the 46 sports, which include all 2012 Olympic and Paralympic sports.
British Cycling will divide the money among facility development, competition, coaching, children and young people and recreational cycling.