diff --git a/CHANGELOG.md b/CHANGELOG.md
index 141f621..8f8b775 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -1,3 +1,9 @@
+## 1.21.1 - 2017-01-13
+
+Patch release, resolves one issue:
+
+* Dart VM: Snapshots of generic functions fail. [Issue 28072](https://github.com/dart-lang/sdk/issues/28072)
+
 ## 1.21.0 - 2016-12-07
 
 ### Language
diff --git a/tools/VERSION b/tools/VERSION
index fef80b6..2d040d1 100644
--- a/tools/VERSION
+++ b/tools/VERSION
@@ -1,4 +1,3 @@
-
 # This file is used by tools/utils.py to generate version strings.
 # The numbers are changed as follows:
 #
@@ -27,6 +26,6 @@
 CHANNEL stable
 MAJOR 1
 MINOR 21
-PATCH 0
+PATCH 1
 PRERELEASE 0
 PRERELEASE_PATCH 0