Step 1

Generously season beef with salt and pepper.

Step 2

Turn on a multi-functional pressure cooker (such as Instant Pot®) and select Saute function. Heat 1 tablespoon avocado oil and tilt the pot to distribute the oil evenly. Once oil shimmers, add 1/2 the beef and cook until browned, about 5 minutes. Transfer browned beef to a bowl and repeat with remaining beef.

Step 3

Heat another tablespoon oil in the Instant Pot®; when oil shimmers, add mushrooms. Cook mushrooms, stirring occasionally, until slightly brown, 4 to 5 minutes. Add mushrooms to the bowl with the beef. Add 1 tablespoon avocado oil to the pot and cook carrots, onions, and celery until onions begin to soften, about 5 minutes. Add garlic and cook until just fragrant, about 1 minute. Pour in wine to deglaze the pot, scraping up any browned bits, and cook until wine has almost evaporated, 3 to 5 minutes. Return browned beef and mushrooms to the pot. Stir in barley, tomato paste, bay leaves, thyme, bouillon base, red pepper flakes, and beef broth. Stir until well combined.

Step 4

Close and lock the lid. Select high pressure according to manufacturer's instructions; set timer for 30 minutes. Allow 10 to 15 minutes for pressure to build.

Step 5

Release pressure using the natural-release method according to manufacturer's instructions for 15 minutes. Release remaining pressure carefully using the quick-release method according to manufacturer's instructions, about 5 minutes. Unlock and remove the lid. Remove and discard bay leaves. Taste and adjust seasoning with salt.