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Boris Johnson's transport spokesperson Isabel Dedring said the mayor had "more than tripled the level of investment in cycling since he came in".
But she added: "Because the number of people we're seeing in the cycle network has more than doubled over the last few years, we do see very clearly we need to increase that level of investment going forward."
London Mayor Boris Johnson is being encouraged to make the streets safer for his fellow cyclists.
A London Assembly report is calling for Boris Johnson to bring about a "cycling revolution" in the capital and do more to protect people on bikes.
The report, called Gearing Up recommends doubling the funding for cycling in TfL's transport budget, introducing a "commissioner" to champion cycling and creating more space on the capital's roads.
Latest ITV News reports
Boris Johnson has been asked to act over a rise in cycling injuries in London. A new report recommends doubling funding for cycling.