The money will be used to hire more call-takers, management of the workforce, and recruitment and community education campaigns.
It comes after it was revealed 12 people have recently died while waiting for the Emergency Services Telecommunications Authority to take their calls for an ambulance.
It is expected 120 new positions will be created under the new funding, which is on top of the 43 new call-takers and $27.5 million allocated in October due to the ongoing issues with the service.
The extra 120 staff are expected to be working by mid-2023.
A review of the service in currently underway, due in June, by former Victoria Police Chief Commissioner Graham Ashton and is under the management of interim chief executive Stephen Leane, also a former police assistant commissioner.
Calls to ESTA should be answered within five seconds. The Victorian government has repeatedly blamed the extra strain on the COVID-19 pandemic.
Mr Leane said the service is currently getting about 3000 calls a day, up from 2000 a day about a year ago.
"Delays in call taking are unacceptable," Emergency Services Minister Jaclyn Symes told reporters.
However, she said one in five calls to ESTA did not need an ambulance being sent and urged people to save triple-zero calls for emergencies only.
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