diff --git a/VERSION b/VERSION
index 7179039691..0d91a54c7d 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.2.3
+0.3.0
diff --git a/synapse/__init__.py b/synapse/__init__.py
index d60267ebe4..8ef176ea6f 100644
--- a/synapse/__init__.py
+++ b/synapse/__init__.py
@@ -16,4 +16,4 @@
 """ This is a reference implementation of a synapse home server.
 """
 
-__version__ = "0.2.3"
+__version__ = "0.3.0"