I received a 409A valuation. What does the number mean?

A 409A valuation is an independent appraisal of what a company's common stock is worth. It is distinct from a funding round, which sets the price for a company's preferred stock.

Why are my 409A valuation prices and funding round prices different?

Preferred stock has greater rights than common stock, which causes preferred stock to be more expensive. In other words, investors pay a premium to buy stock with special rights such as liquidation preferences, which provide down-side protection.