Place beets in a saucepan and cover with water. Bring to a boil, cover, reduce heat, and simmer until beets can easily be pierced with a fork, about 45 minutes. Drain and cool slightly. Peel and slice beets; place into a large bowl.
Combine apple cider vinegar, olive oil, sugar, salt, and pepper in a small bowl and pour over beets. Mix well. Add caraway seeds and mix again. Allow to chill 2 hours before serving.