Co-cultivation of brewers' yeast (Saccharomyces cerevisiae) with Cyberlindnera fabianii makes it possible to steer aroma and alcohol levels by changing the inoculation ratio of the two yeasts. A dynamic model was developed based on mono-culture performance of brewers' yeast and C. fabianii in controlled bioreactors with aerated wort as medium, describing growth rate, carbohydrate utilization, ethanol production, maintenance, oxygen consumption and ergosterol biosynthesis/use for cell membrane synthesis (the last one only for brewers' yeast). The parameters were estimated by fitting models to experimental data of both mono-cultivations. To predict the fermentation outcome of brewers' yeast and C. fabianii in co-cultivation, the two models were combined and the same parameter settings were used. The co-cultivation model was experimentally validated for the inoculum ratios 1:10 and 1:100 brewers' yeast over C. fabianii. The use of predictive modelling supported the hypothesis that performance of brewers' yeast in co-cultivation is inhibited by oxygen depletion which is required for the biosynthesis of ergosterol. This dynamic modelling approach and the parameters involved may also be used to predict the performance of brewers’ yeast in the co-cultivation with other yeast species and to give guidance to optimize the fermentation outcome.