I'm just going based on seed/demo days and a smaller number of A/B rounds I've observed -- location of the investor leads between SF/SV never came up, and meeti

I'm just going based on seed/demo days and a smaller number of A/B rounds I've observed -- location of the investor leads between SF/SV never came up, and meetings with SV investors in SF, SF investors in SV both happened quite frequently. That's a subset (YC and other companies I know), and probably weighted on number-of-investments vs. total fund flows. This is for first/second meetings; perhaps they're more likely to actually close if local, but given that most financings happen in a small number of meetings now, that also seems unlikely. (Seed = 2-5; A = something like 5-10 total?) Maybe outside of demo days ("organic" vc or whatever you'd call it), it becomes a factor due to people walking into offices or other lead generation efforts. It's also hard to believe that late stage financings (which are larger but less frequent) care at all about location, given that so many of them are from outside the geography entirely, including international. If you have stats from something more quantified that would be interesting.