Reconstituted goat whey was fermented with the starter Streptococcus thermophilus TA‐40 in co‐culture with four probiotic adjuncts (independent treatments): Lactobacillus casei BGP93 (T1), Lactobacillus paracasei BGP1 (T2), Lb. paracasei LPC37 (T3) and Lactobacillus rhamnosus LR32 (T4). Lactobacillus populations were higher than 7 log cfu/mL after fermentation and storage. Proteolysis increased significantly (P < 0.05) during fermentation in all trials. Relative amount of low‐molecular‐weight protein fractions (<6.5 kDa) increased in goat whey trials with T1, T3 and T4 during fermentation and storage. The goat whey powder was considered a potential substrate for starter and probiotic cultures, which raised the opportunities to upgrade this by‐product into a functional food.