#a16z stands by decision to hire Daniel Penny

Andreessen Horowitz is defending its decision to hire Daniel Penny, according to an investor memo seen by The New York Times. 

The venture capital firm caused a stir earlier this week after it announced it would hire Penny, who was acquitted last year of choking a homeless man to death in the New York City subway.

Penny, a former marine, has no investment experience. The firm said he would work on its American Dynamism team, which focuses on government and defense. The firm also said it would teach him how to invest.

In the memo seen by The New York Times, the firm said it spends “a lot of time with active-duty military, veterans, chiefs of police, sheriffs,” and that those relationships are “critical to the success of our companies.” 

The memo continued, “We believe there is long-term value in expanding our network in collaboration with Daniel and are excited to have him as part of our team.”