The Bridgers looked in total control at Pennygillam having scored twice in the opening 25 minutes.
But they just switched off in the closing stages and Launceston took their chance to equalise with goals from Gino Garside and Alex Henniker.
Ivybridge will begin their South West Peninsula Premier East fixtures with the long trip to Marlborough Park to take on Ilfracombe this coming Saturday. Meanwhile, Launceston will kick-off their Premier West campaign with a home against Mousehole.
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