City Bridge Trust said it has awarded the money to London Youth to help the clubs be more resilient, more sustainable and provide better services, amid increasing cuts to generic youth services for young people.
The funding will go towards providing sports programmes for girls and disabled young people, funding a young "City Leaders" initiative and support with research into the needs of London's youth and helping clubs find ways to better demonstrate their worth and value.
They will also be provided with fundraising support, as well as safety and safeguarding training.
A recent report by Green Party London Assembly member Sian Berry highlighted significant cuts to youth clubs in recent years, with nearly 50 per cent of full-time staff cut.
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