It's not just the availability of funding, it's the type of investors and their expectations. Outside of Silicon Valley, local investor communities tend to be focused on consistent performance across the companies in their portfolio. In Silicon Valley, investors seek companies with the potential for wide variation because that's what the unicorns are [sure they'd like everything to be a unicorn, but they know that it won't be].

The reason this works in Silicon Valley there is a critical mass of companies (and hence deals) financially structured to "go big or go bust." Hence a portfolio can be diversified. It is unlikely that a random city will have sufficient companies built this way to support an investor community optimized for startup investing.