diff --git a/README.md b/README.md
index f78d11de..ca6b7347 100644
--- a/README.md
+++ b/README.md
@@ -29,7 +29,7 @@ OpenDroneMap can run natively on Ubuntu 14.04 or later, see [Build and Run Using
 
 **[Download the latest release here](https://github.com/OpenDroneMap/OpenDroneMap/releases)**
 
-Current version: 0.3 (this software is in beta)
+Current version: 0.3.1 (this software is in beta)
 
 1. Extract and enter the OpenDroneMap directory
 2. Run `bash configure.sh install`
diff --git a/VERSION b/VERSION
index 1d71ef97..9e11b32f 100644
--- a/VERSION
+++ b/VERSION
@@ -1 +1 @@
-0.3
\ No newline at end of file
+0.3.1