Absolutely, and you'll learn quite a lot from it. The biggest (somewhat hidden) risk is that of communication disconnects that happen from the lack of F2F. Amplified by the fact that companies (especially startups) love to do weird things, like put inexperienced people into management; not communicate generally, and misunderstand things as if on general principle; fire people at the drop of a hat, etc.

So (aside from particular collaboration tools), mastering the art of what we might call "defensive communication" might be particularly helpful. By that I don't mean being continuously neurotic and fearful about people what people are thinking about you when they're not right in front of you. Rather, much more mundane stuff: (1) getting all important agreements (as to compensation, promotion) in writing (or at least in email); (2) not assuming that people are always reading / understanding (or even seeing) your emails, or other electronic leavings -- quite often they aren't; (3) being very efficient in your own communications (so as to triggering or further amplifying any such misunderstandings as they do occur); and (4) maximizing F2F, and other opportunities for bonding (softly, naturally) with others, as they do occur (without putting so much time or effort into it that it seems like you're putting too much effort or time into it).

That kind of stuff.