I am currently negotiating a buy-in for my SaaS, so for validation purposes I contacted a few VCs in our domain, and received a few replies stating they required at least 500k to 1 million ARR.
It would be my assumption that - in Europe - you don't really need VC money if you're making this amount of ARR, unless your margin is so low, or you are growing so fast that there is a huge risk involved.
To me getting VC money at 500k/1 million ARR sounds like a very expensive loan where the VC has limited risk (the investment) and unlimited upside. If I would be at that amount of ARR and in the need for some credit, I'd rather go to the bank and pay for a credit line for a couple of million that we can use when/if we need it, especially at the current cheap interest rates...
Update - addendum: Just to clarify: I am a big fan of external capital if it also includes proper engagement, preferably an org that has a huge network and/or proper domain knowledge.