Around £105,000 is being handed to a new violence reduction unit based in Portsmouth, with £232,000 to Hampshire's unit.
Some of the money will be spent on interventions in families, test purchases and working with child sexual abuse victims, and youngsters at high risk of violent crime
The government has given £880,000 to Hampshire police and crime commissioner Michael Lane's office to run a central violence reduction unit.
The unit will liaise with four units in top-tier authorities in the county.
By spring they must have analysed the area working out how to tackle violent crime so future funding can be better targeted.
The £500,000 for projects announced today is going on existing schemes.
Another £227,000 is being spent on analysts.
In a statement, Mr Lane said: 'Over the past few months we have been establishing a Violence Reduction Unit that brings together our key partners to take a strategic view of serious violence across Hampshire, but also allows each area to respond to their local need.
'This funding will go to projects proven to engage young people most at risk and support them towards a future free from violence and is a positive step forward in tackling the root causes of violent crime.
'Over the coming months we will be reaching out to young people, communities, community safety partners and many others across the area to get their input into a longer-term strategy for Hampshire. I hope to hear from as many people as possible so that together, we can keep our communities safer.'
Councillor Rob Wood, cabinet member for children and families at Portsmouth City Council, said: 'In Portsmouth we are committed to tackling violent crime through early intervention and support for young people at risk of exploitation. The additional funding is a welcome addition to our existing investment. It will be used to help vulnerable 16 and 17-year-olds get into college or work and strengthen family relationships.'
Police have welcomed the VRUs as an 'excellent opportunity'.