[throwaway55671]

The US investors just have so much more disposable cash they can risk. EU investors are looking for safety because losing 100M EUR means they lost literally everything. Their "risky volatile investments" part of the portfolio is 1-5M EUR in total, usually even less - and split that between at least 3-10 startups. And there's much less people with money overall, so you can't raise large enough VC funds.

The usual EU investor is simply going to buy some real estate instead of participating in VC funds - still great returns, very low risk. The more progressive ones will maybe try some real estate development projects. No need to think about this software thing. The angel investors I met with that had portfolios of 5-20M EUR wanted to invest 20-50K EUR into our startup, definitely not more.