In a large pot, heat the olive oil and butter over medium heat. Add the chopped onions, carrots, and garlic with a pinch of salt, cooking for about 8 minutes until softened.
Stir in the balsamic vinegar and cook for another minute.
Add the diced tomatoes, water or broth, and coconut milk or heavy cream. Stir to combine.
Season with thyme, red pepper flakes, salt, and pepper. Bring to a simmer and cook for 20-25 minutes.
Blend the soup until smooth, then return it to the pot. Adjust seasoning as needed.
Serve hot, garnished with fresh basil and a drizzle of coconut milk or olive oil.
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Notes
Store leftovers in an airtight container in the refrigerator for up to 5 days or freeze for up to 3 months.