In this work, the feasibility of uncontrolled pH acidogenic fermentation of industrial organic effluent from corn-bioethanol production was studied and modelled by using a Monod-based mathematical model. In order to do that, several tests were carried out at different initial pH values, ranging from 4 to 6. The experimental data showed a pH reduction during the fermentation process due to the generation of short-chain acids. When starting at initial pH of 5.0 and 6.0, the substrates were fully fermented reaching final pH s over 4 units in both cases and a final undissociated fatty acid concentration of about 80 (mmol·L−1) in both cases. Regarding fermentation at an initial pH of 4, the pH decreased to 3.5 units, and the organic substrates were not fully fermented due to the stoppage of the fermentation. The stoppage was caused by the very acidic pH conditions. The biomass showed an uncoupled growth as the operating conditions became more acidic, and, finally, the biomass growth was zero. Regarding the generation of fermentation products, in general terms, the highest economical value of products was obtained when fermenting at an initial pH of 5. More specifically, acetic acid was the acid that presented the highest yield at an initial pH value of 4. Butyric yield showed the highest values at initial pH values of 5 and 6. The highest H2 yield (1.1 mol H2·mol−1 dextrose) was achieved at an initial pH value of 5. Finally, the experimental data were modelled using a Monod-based model. From this model, the value of the main kinetics and stoichiometric parameters were determined.