diff --git a/setup.py b/setup.py
index 6a58db2d4b7..953f051242c 100755
--- a/setup.py
+++ b/setup.py
@@ -6,7 +6,7 @@
 
 # Version number typically updated by running `invoke set-version <version>`.
 # Run `invoke --help set-version` or see tasks.py for details.
-VERSION = "7.4"
+VERSION = "7.4.1.dev1"
 with open(join(dirname(abspath(__file__)), "README.rst")) as f:
     LONG_DESCRIPTION = f.read()
     base_url = "https://github.com/robotframework/robotframework/blob/master"
diff --git a/src/robot/version.py b/src/robot/version.py
index 94d11355674..4ccd57bc08b 100644
--- a/src/robot/version.py
+++ b/src/robot/version.py
@@ -18,7 +18,7 @@
 
 # Version number typically updated by running `invoke set-version <version>`.
 # Run `invoke --help set-version` or see tasks.py for details.
-VERSION = "7.4"
+VERSION = "7.4.1.dev1"
 
 
 def get_version(naked=False):