Laravel Homestead: VBoxManage: error: Details: code NS_ERROR_FAILURE (0x80004005), component MachineWrap, interface IMachine

Every time I try to vagrant up I get this error:

==> homestead: Booting VM...
There was an error while executing `VBoxManage`, a CLI used by Vagrant
for controlling VirtualBox. The command and stderr is shown below.

Command: ["startvm", "a31f6545-5221-4217-a7fd-0e1127f27705", "--type", "headless"]

Stderr: VBoxManage: error: The virtual machine 'homestead' has terminated unexpectedly during startup with exit code 1 (0x1)
VBoxManage: error: Details: code NS_ERROR_FAILURE (0x80004005), component MachineWrap, interface IMachine

I tried starting it from the VirtualBox app to see if more details are provided, but it's the same error with no reference to a log with added details.

I'm using the following setup on a freshly installed MacBook Pro with a fresh install of the VM software (no previous installs):

• VirtualBox 6.1.4 (latest)
• Homestead 9.3.0 (latest)
• Mac OS X Catalina 10.15.3

What could be causing this error?