Pico ramps up support for MICE start-upsBy Megan Gell
09 Jun 2017
The Pico Group has announced the formation of a strategic alliance between its P3 Innovation platform and OurCrowd, a global equity crowdfunding platform and venture capital fund.
Pico founded P3 Innovation in March last year as an innovative and disruptive strategic platform, and in October the platform launched its first initiative: P3 Space, a 3,000-sqm “start-up incubator” at the Pico Creative Centre in Shanghai focused on nurturing innovation in China’s MICE industry. In March this year, P3 Innovation launched E3 (Easy. Events. Exhibitions.), a one-stop exhibitor service platform dedicated to small- and medium-enterprises (SMEs).
OurCrowd has raised more than US$440 million and invested in more than 110 start-ups since starting in February 2013. Through this alliance, P3 Innovation’s start-ups will have access to funding through OurCrowd, which has more than 20,000 accredited investors across 100 countries. OurCrowd also provides post-investment support to its portfolio companies, assigning industry experts as mentors, and in many cases, takes board seats.
P3 Innovation will provide OurCrowd with a new source of prospective deals for its investors and also act as a “landing pad” for its current portfolio of companies, helping them with set-up, commercialisation and lead generation in Asia and China by leveraging the Pico Group’s resources and network.
Shaun Lim, executive director of P3 Innovation (pictured) said: “P3 Innovation is a result of our management’s unwavering commitment to build on the leadership position we have established over the past 50 years by using innovation to create new opportunities and enhance our business. This alliance with OurCrowd will open up even more opportunities that will let us connect with some of the best start-ups in the world and do what we do even better.”
Denes Ban, general partner and Asia head of OurCrowd, said: “We have already been looking at investment opportunities with Pico and P3 Innovation and are confident that this alliance will help further deepen our relationship. This represents another step forward for us in Asia and together we will empower scores of new entrepreneurs, matching them with global investors and mentor networks.”
P3 Space start-ups currently undergoing incubation include Ditie Baishitong (地铁百事通), which provides real-time city information for delegates; SensEvent.net, an app linking passengers and vehicles during large-scale events; Whynotstudio, a creative content marketing provider; and Sensmell, a scent marketing solution provider with products such as an odour remover and air purifier, which provide a more pleasant exhibition environment. P3 Innovation will soon launch SSWFIT, a supply chain-related financial technology platform.