Pat the beef stew meat dry with paper towels and season evenly with sea salt and black pepper.
Heat the extra virgin olive oil in a heavy-bottomed pot or Dutch oven over medium-high heat.
Add the beef cubes to the pot and sear until a deep brown crust forms on all sides, then remove the meat and set it aside on a plate.
In the same pot, add the diced onion, carrots, parsnips, and celery, sautéing for 5-7 minutes until the vegetables begin to soften.
Stir in the minced garlic and tomato paste, cooking for 1 minute until the paste turns a deep brick red and smells fragrant.
Pour in the beef bone broth, using a wooden spoon to scrape up any browned bits from the bottom of the pot.
Return the seared beef and any accumulated juices to the pot and stir in the fresh thyme.
Bring the liquid to a boil, then immediately reduce the heat to low, cover with a tight-fitting lid, and simmer for 45 to 60 minutes until the beef is fork-tender.