The prize money for the Women's FA Cup will be significantly increased to £3 million for the 2022-23 season, the Football Association announced on Monday.
The new agreement will see greater investment in both the professional and grassroots game, with the funds spread across each round.
The competition has grown significantly in the past few years, with 417 teams entering the 2021-22 season, an increase of 41 from the previous year.
"I'm delighted to be able to make this announcement of increased funding for the Vitality Women's FA Cup because it's going to benefit so many clubs across the women's football pyramid," Director of Women's Football at The Football Association Sue Campbell said.
"The FA Cup, whether men's or women's, is the biggest and best domestic cup competition in the world, and this increased investment from The FA highlights that we want clubs competing in it to be rewarded, while also highlighting our ongoing commitment to the women's game.
"Women's football continues to be in a growth phase and we are always looking to make improvements and investment to drive it forward and break new boundaries. This is certainly one of the most pleasing during my time with the organisation, because I know it means so much to so many."
It has not yet been decided how the money will be divided and allocated, except that a disproportionate amount will invested into the early rounds of the competition to ensure the money benefits clubs further down the pyramid.