No. At least, not once you hit scale.
Once you hit $10m ARR, growing at a fast rate, no one cares where you are headquartered. Not really. You’ve proven you can scale from anywhere, or at least from wherever you are.
You do often take a “hit” before that. If you are trying to raise venture capital for SaaS in L.A., it’s harder to get funded. Not extremely harder, but harder. And if are acquired for < $100m, as a “tuck in” acquisition — your acquirer mostly likely would strongly prefer you are close. Cornerstone OnDemand is in L.A., but there aren’t that many SaaS unicorns there. Smaller acquisitions are often as much for the team and their know how as the product itself. It’s much harder to integrate that team from a remote destination, at least for most acquirers.
But after $10m in ARR — no one cares.