I’ll keep it simple, has anyone known of or been a part of a co-op of software engineers? And if so, how did it go?

I’m curious because it seems like the vast majority of early capital raises seem to go to paying for software development, and a small group of engineers could (in theory) output a few million dollars worth of value. It might not be attractive to VCs but it could probably form a business that lets coop members lead very comfortable lives.