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Cut the roast into a minimum of 2 pieces (3 to 4 pieces reccomended for better texture). Trim any excess fat and dry the surface with a paper towel.
Evenly season the beef on all sides with about 1 teaspoon salt and ½ teaspoon black pepper.
Select "Saute" on the Instant Pot. Allow to heat, it will indicate "Hot" on the display when ready.
Add olive oil to the pot. Once hot, add beef and brown each side for 5 minutes. Sear each edge for 1 minute. Transfer to a clean plate.
Add onions to the pot, saute until tender and lightly browned, scraping the bottom for any browned bits, about 2 minutes.
Add garlic and thyme, saute until fragrant, 30 seconds.
Add tomato paste and flour, stir and cook for 1 minute.
Add red wine to the pot, stir until the liquid is evaporated and a paste is formed, about 1 minute.
Stir in balsamic vinegar and Worcestershire sauce.
Slowly stir in the beef stock, scraping the bottom of the pot to deglaze the pan. Cook until the sauce thickens, about 2 minutes.
Press "Keep/ Warm/Cancel" on the Instant Pot.
Add the previously browned roast to the pot. Add carrots and potatoes on top of the beef. Sprinkle ½ teaspoon of salt and ¼ teaspoon of pepper on top of the vegetables.
Make sure that the release valve is in the "Sealing" position.
Place the lid on the Instant Pot, turn and lock.
Press the "Manual" button on the Instant Pot on high pressure, and then set the timer to 65 minutes using the "+" or "-" buttons.
It will take about 10 minutes for the pot to heat up and build pressure. You will see some steam release from the lid, and then the time will start on the display.
Once cooking time is complete, allow the pressure to naturally release for 15 minutes.
Use an oven mitt or towel to slowly and carefully twist the steam release handle on the lid to the "Venting" position. The initial release will spray some moisture around so be careful.
Carefully remove the lid, opening the top away from you as steam will be released from the pot.
Transfer the beef to a cutting board, allow it to rest for at least 10 minutes. Spoon the carrots and potatoes on a serving platter or bowl, cover to keep warm.
Let the sauce sit for 10 minutes in the pot, then skim and discard the excess grease from the top. There should be about 2 ½ cups of sauce.
Select "Saute" on the Instant Pot. Once the sauce begins to simmer, allow it to reduce until slightly thickened or the desired consistency is reached 5 to 8 minutes. There should be about 1 ¾ to 2 cups of sauce.
Taste and season with more salt and pepper as needed.
Slice the pot roast against the grain, or shred with a fork.
Serve the pot roast with vegetables, gravy, and parsley for garnish.