The project aims to give student role models to school pupils to enthuse them in their specialist areas, boosting the numbers applying for science subjects at university.
The undergraduates will also provide support for teachers in the classroom and gain teaching experience themselves.
The scheme is running in 85 university departments, but only five are for chemistry.
Professor Ray d'Inverno, the national director of the scheme, said: "The funding support will help us target chemistry departments and support them in the first few years in getting the scheme up and running.
"We are particularly hopeful that this funding may lead to more chemistry undergraduates considering teaching as a career."