I am actually not sure if the investor assessment still stands after Covid forced just about any startup to be remote-work-heavy. I don't think most investors care anymore where companies are based or incorporated as long as it is within reason (don't incorporate in Australia unless you are an Australian company) and has a solid and well supported legal system.

The issue in Europe from an investor perspective is that scaling is tougher than in the US. You have to most likely make changes to your product to cover a sufficient number of European countries due to a combination language, currency, regulation, customs, etc.. Your sales and marketing materials needs to at least be in different languages. Your German sales rep needs to speak German and most likely be German, your French sales rep needs to speak French and be French, etc. Add to that the fact that in B2B European companies tend to be less open to innovation. Also, you may encounter workers-councils at your potential clients discouraging changes to processes, etc.