diff --git a/synapse/__init__.py b/synapse/__init__.py
index faa183a99e..d1e50e36b6 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -17,4 +17,4 @@
 """ This is a reference implementation of a Matrix home server.
 """
 
-__version__ = "0.31.2"
+__version__ = "0.32.0rc1"