Tfl wants to raise cycling trips in London by more than 400% by 2025
More than half a million journeys on London's major roads are made by cyclists each day, according to Transport for London (TfL).
The figure represents a 91% rise in cycle journeys on the city's major roads since TfL was created in 2000.
In the 12 months to March 2008, cycling on major roads grew by 4.5%, with about 20,500 more cycle journeys every day.
This year, £55m will be spent on improved cycling facilities, TfL and the mayor of London announced.
The funding represents a 10-fold increase in money spent on cycling since 2000.
Mayor of London Boris Johnson said: "I'm delighted that a growing number of people - like me - are choosing to cycle around London, and great strides have been made.
"But the overall number is still too low, which suggest that many Londoners need further encouragement to take it up."
TfL wants to increase cycling trips by more than 400% by 2025, equivalent to 5% of all journeys made in the city.