Sprinkle the beef with 1/2 teaspoon of salt. Let the salt rest on the beef while chopping the veggies.
In a medium-size bowl, whisk together the broth, tomato paste, oregano, thyme, salt, and pepper.
Add 1 tablespoon of olive oil to the Instant Pot. Turn on the Saute function. Once hot, add half the beef. You’ll have to work in batches, probably two batches since all the beef won’t fit in the pot. Brown the beef on each side for just a couple of minutes. Set aside on a plate. Add the additional olive oil and remaining beef. Brown again. Set the meat aside on the plate.
Add the butter to the hot Instant Pot. Add all the veggies, saute for 4-5 minutes until they begin to sweat. You don't want the veggies to stick to the bottom of the Instant Pot, so don't let the veggies brown. This is just a quick saute. Once done, press Cancel to turn off the saute function.
Add the broth mixture to the Instant Pot, scraping up any bits on the bottom of the pot with a wooden spoon. This is very important. If bits are left on the base of the pot, the Instant Pot may flash a burn notice when coming to pressure.
Add the beef to the pot, don’t stir.
Set the Instant Pot to Manual, High Pressure for 35 minutes. On new models, the Manual button is labeled, Pressure Level.
Once the stew is done cooking, let the pressure naturally release for 10 minutes and then perform a quick release (using a towel or hot pad holder).
If you'd prefer a thicker stew, you can add arrowroot starch. I prefer to use 1 tablespoon of arrowroot starch mixed with 2 tablespoons of water in a small bowl, and then add this mixture to the stew. For a thicker stew, go with 2 tablespoons of arrowroot starch to 3 tablespoons of water. Again, mix this in a small bowl before adding to the stew. Once added, press Saute, and allow the stew to simmer for a few minutes (about 3-5 minutes) to slightly thicken. Stir frequently during this time.
*I can't ever find exactly 2lbs of beef stew meat, so it's usually between 1 3/4-2lbs. Another option is to purchase a beef chuck roast and cut the roast into pieces, trimming off any extra fat. This beef stew is very hearty with all the beef and veggies. The serving size suggestion (6 people) will depend on the appetite of the people you're serving.