We founded and developed https://circuithub.com/ largely as a distributed team (all members in different locations).

This is a complex topic that i intend to discuss more in long form, but in short, with contemporary communication and collaboration infrastructure the productivity of small highly skilled dev teams is unaffected by location.

I can prove this for our case at least (5 team members).

I am writing this from a coffee shop in Mexico, we currently have people in South Africa and San Jose, if this lifestyle appeals, please do get in touch!