Add the olive oil to the base of the instant pot and set to saute.
Saute the onions and garlic for 2 minutes, before adding in the carrots, cabbage, celery, and honey. Saute for 5 minutes, stirring frequently . Press cancel to turn off the saute function.
Pour in the water and balsamic vinegar and add the seasonings. Stir to combine.
Lock the lid onto the instant pot and flip the the pressure release valve to closed. Press “manual” (it will default to high pressure” and use the “+” button to set the time to 10 minutes.
Once the sauce has finished, carefully release the pressure valve. Once depressurized, remove the lid and allow for the sauce to cool.
Use a stick or immersion blender to process the sauce until smooth.