diff --git a/synapse/__init__.py b/synapse/__init__.py
index 3cde33c0d7..6dc16f0808 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -17,4 +17,4 @@
 """ This is a reference implementation of a Matrix home server.
 """
 
-__version__ = "0.32.2"
+__version__ = "0.33.0rc1"