Preheat the oven to 350F. Spray two 9″ round cake pans with nonstick spray and dust them lightly with cocoa powder. Set aside.
Note: I used a fluted pan instead.

In a large mixing bowl, whisk together the butter, oil, sugars, and honey until thoroughly combined.

Add eggs and vanilla and stir to combine.

In a separate large bowl, whisk together flour, cocoa powder, baking soda and salt.

Slowly add dry ingredients to wet ingredients and stir to combine.

Using an electric mixer, beat beets until smooth, add to mixture, mix well.

Pour batter into prepared cake pans and use a spatula to even out the top if needed.

Bake each cake (one at a time) for 25 minutes or until a toothpick inserted into the center of the cake comes out with a few moist crumbs. Let cool in pan for 15-30 minutes, or until you feel comfortable touching the pan without oven mitts. Run a knife or thin spatula around the edges to loosen the cake from the pan, then carefully invert the cake pan onto a wire rack and let the cake cool completely.

Tip: I used buttercream frosting, thinned with the leftover beet juice to drizzle over cake.