diff --git a/.release-please-manifest.json b/.release-please-manifest.json
index 95fdae06e117..bd923a8a09a9 100644
--- a/.release-please-manifest.json
+++ b/.release-please-manifest.json
@@ -1,3 +1,3 @@
 {
-  ".": "2.127.0"
+  ".": "2.127.1"
 }
\ No newline at end of file
diff --git a/CHANGELOG.md b/CHANGELOG.md
index 8ae9e83bdda2..cade1b9ef252 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,5 +1,12 @@
 # Changelog
 
+## [2.127.1](https://github.com/Flagsmith/flagsmith/compare/v2.127.0...v2.127.1) (2024-07-09)
+
+
+### Bug Fixes
+
+* **segments:** add migration to set version on existing segments ([#4315](https://github.com/Flagsmith/flagsmith/issues/4315)) ([288a47e](https://github.com/Flagsmith/flagsmith/commit/288a47efc6bec12374a05a48191380b645bb99b3))
+
 ## [2.127.0](https://github.com/Flagsmith/flagsmith/compare/v2.126.0...v2.127.0) (2024-07-09)
 
 
diff --git a/version.txt b/version.txt
index 2c6aae91b3a4..b6b0e8109096 100644
--- a/version.txt
+++ b/version.txt
@@ -1 +1 @@
-2.127.0
+2.127.1