Heat the Instant Pot using the sauté Normal function. Add the olive oil, carrot, shallot, and celery. Cook, stirring occasionally, until the vegetables are soft-- about 5 minutes.
Next add the garlic and cook for an additional minute.
Add the chicken stock and use a wooden spoon to scrape any browned bits from the bottom of the pot.
Add the crushed tomatoes, tomato paste, sugar, and Italian seasoning. Stir to combine.
Attach the lid and ensure the valve is in the “sealing” position. Set the Instant Pot to Pressure Cook - Manual for 10 minutes.
Once the Instant Pot has finished cooking, release the pressure naturally for 10 minutes. Then, switch the valve to the “venting” position to release any additional pressure.
Using an immersion (or high speed) blender, blend the soup until smooth. Add the cream and stir to combine. Season with salt and pepper to taste.
Serve warm, garnished with fresh basil and croutons.
Store any leftover soup in an airtight container in the fridge for up to three days.