diff --git a/synapse/__init__.py b/synapse/__init__.py
index 27241cb364..7819cfbcbb 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -27,4 +27,4 @@ try:
 except ImportError:
     pass
 
-__version__ = "0.34.0"
+__version__ = "0.34.1rc1"