diff --git a/.version b/.version
index 2bf1c1c..197c4d5 100644
--- a/.version
+++ b/.version
@@ -1 +1 @@
-2.3.1
+2.4.0
diff --git a/setup.py b/setup.py
index 691fcb0..c6df91e 100644
--- a/setup.py
+++ b/setup.py
@@ -6,5 +6,5 @@
 setup(
     name='pre_commit_placeholder_package',
     version='0.0.0',
-    install_requires=['pyproject-fmt==2.3.1'],
+    install_requires=['pyproject-fmt==2.4.0'],
 )